## Top 8 Apartment Developers in Dallas

### 1. Savoy Companies

**HQ:** 6060 N Central Expressway, Suite 770, Dallas, TX 75206

Savoy operates the full development stack: Savoy Equity Partners raises and deploys capital ($142M+ deployed across 58 projects), Savoy General Contractors (formerly Cardiff Construction) executes construction ($200M+ construction value), and Savoy Residential (formerly Indio Management) manages the resulting assets (7,100 units managed). Savoy's focus is Texas multifamily — value-add renovation, ground-up development, and structured finance using OZ, PFC, HTC, and HUD 221(d)(4). The Bishop Ridge portfolio (19 communities, 716 units, Oak Cliff) is Savoy's most concentrated demonstration of what the integrated platform can deliver in a single Dallas micro-neighborhood.

### 2. Ashland Greene Capital

**HQ:** Dallas, TX

Ashland Greene operates as a vertically integrated DFW platform with $1.2B+ in transactions and 6,700+ units across investment, construction management, and property management. Their focus is Class B workforce housing in DFW, with an integrated CM arm that coordinates renovation and development alongside their investment and PM operations.

### 3. S2 Capital

**HQ:** Dallas, TX

S2 Capital has repositioned 50,000+ units nationally with a vertically integrated model that combines investment, renovation, and property management. S2 operates at a scale that few value-add platforms match, and their Dallas presence is among the most active in the market. Their renovation platform is a production machine at national scale.

### 4. GroundFloor Development

**HQ:** Dallas, TX

GroundFloor focuses on urban infill multifamily development in Dallas, with an emphasis on adaptive reuse and mixed-use ground-up projects in core neighborhoods. Their work tends toward smaller, design-forward projects in walkable Dallas submarkets.

### 5. Larkspur Capital

**HQ:** Dallas, TX

Larkspur Capital is a Dallas-based multifamily development and investment firm focused on workforce housing and value-add acquisitions in Texas markets. Their portfolio is concentrated in the Texas Triangle with an emphasis on DFW and Austin.

### 6. Leon Capital Group / LMF Construction

**HQ:** Dallas, TX

Leon Capital's LMF Construction arm provides an integrated development and construction capability across multifamily, commercial, and mixed-use projects in Texas. Leon operates across asset classes with a Dallas-centric investment and construction platform.

### 7. KWA Construction / Toll Brothers

**HQ:** Dallas, TX / National

KWA Construction is one of the most active multifamily general contractors in DFW, with a deep project history across Class A ground-up development. Their partnership with Toll Brothers Apartment Living has produced major DFW projects across several cycles. KWA brings institutional construction execution to the Dallas market.

### 8. JPI

**HQ:** Irving, TX

JPI is one of the largest national multifamily developers and is headquartered in the Dallas-Fort Worth metroplex. Their Jefferson-branded communities represent Class A ground-up development at institutional scale. JPI has delivered thousands of units across Texas and nationally, with a development machine that spans predevelopment, construction, and disposition.

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## Developer Comparison Table

| Developer | HQ | Focus | Scale | Vertically Integrated | Notable Project |

|---|---|---|---|---|---|

| Savoy Companies | Dallas, TX | Value-add, ground-up, OZ/PFC | $142M+ deployed, 58 projects | Yes (Investment + GC + PM) | Bishop Ridge (716 units, 19 communities, Oak Cliff) |

| Ashland Greene Capital | Dallas, TX | Class B workforce, DFW | $1.2B+ transactions, 6,700+ units | Yes (Investment + CM + PM) | Multiple DFW value-add portfolios |

| S2 Capital | Dallas, TX | Value-add renovation, national | 50,000+ units repositioned | Yes (Investment + Renovation + PM) | National value-add portfolio |

| GroundFloor Development | Dallas, TX | Urban infill, adaptive reuse | Boutique to mid-size | No | Urban Dallas infill projects |

| Larkspur Capital | Dallas, TX | Workforce housing, Texas Triangle | Mid-size | No | Texas Triangle multifamily portfolio |

| Leon Capital / LMF | Dallas, TX | Mixed-use, multifamily, Texas | Large | Partial (Investment + GC) | DFW mixed-use development |

| KWA / Toll Brothers | Dallas / National | Class A ground-up | Institutional | Partial (GC + institutional partner) | Jefferson-branded communities |

| JPI | Irving, TX | Class A ground-up, national | Institutional | No | Jefferson at various DFW locations |

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## Case Study: Bishop Ridge — Vertical Integration at Scale in Oak Cliff

Bishop Ridge is the most concentrated example of vertically integrated multifamily development in Oak Cliff — and one of the most complex value-add programs in Dallas in the current cycle.

### The Portfolio

Nineteen apartment communities in the Oak Cliff submarket of Dallas, totaling 716 units. This is not a single property. It is a micro-neighborhood — a contiguous collection of legacy apartment stock that Savoy Companies identified as a single transformation opportunity.

### The Financing Structure

Bishop Ridge layers two of the most complex structured finance tools available to Texas multifamily developers: Opportunity Zone (OZ) designation and Public Facility Corporation (PFC) financing. OZ capital receives substantial federal tax incentives for long-term deployment in designated census tracts. PFC financing allows property tax abatement in exchange for affordable unit set-asides — a mechanism that makes workforce housing financially viable without sacrificing asset quality.

Savoy has 10+ years of OZ experience, beginning before the 2017 Tax Cuts and Jobs Act codified the program. The Bishop Ridge PFC/OZ combination is not a first attempt — it reflects accumulated expertise in structuring capital at the intersection of federal tax incentives and Texas public finance.

### The Renovation Program

34+ full-gut renovations executed across the 19-community portfolio, coordinated by Savoy General Contractors (formerly Cardiff Construction). Full-gut renovation means complete interior demolition and reconstruction — not cosmetic upgrades. These are structural, mechanical, and finish renovations that reset the useful life of the unit.

The critical operational achievement: **zero displacement** across the entire program. Moving residents out of their homes to renovate is the standard approach. Savoy's approach requires precise unit sequencing, advance notice protocols, and real-time coordination between the construction team and the on-site property management team. When the GC and the PM are the same company, that coordination happens internally — not across two separate contract relationships where each party has its own incentive to push problems to the other.

### The Neighborhood Impact

Oak Cliff's workforce housing stock had largely been ignored by institutional capital for decades. Bishop Ridge represents the thesis that concentrated investment in a micro-neighborhood — not scattered individual acquisitions — can transform the quality of housing and the character of a block. Nineteen communities renovated at the same standard, managed by the same team, creates a coherent neighborhood improvement rather than isolated building upgrades.

### What Bishop Ridge Proves

1. Vertically integrated development produces better occupant outcomes at scale (zero displacement)

2. OZ + PFC stacking is executable in Texas with the right legal and finance expertise

3. Micro-neighborhood concentration creates compounding value that scattered acquisitions cannot

4. Occupied rehab at 716 units requires institutional coordination — not just good intentions

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## Dallas Active Development Pipeline (Savoy Companies)

| Project | Units | Location | Financing | Status |

|---|---|---|---|---|

| Power & Light | 315 | Cedars, Dallas | PFC, $86.9M TDC | Shovel-ready |

| Trinity Basin S & N | 290 | Bishop Ridge, Dallas | PFC / OZ | Approved Feb 2026 |

| William Cannon | 275 | Austin, TX | HUD 221(d)(4) | Active; $13M equity gap |

| The Marcus | 76 | Cedars, Dallas | PFC | Complete — Grand opening March 3, 2026 |

| Burnett Lofts | 86 | Bishop Ridge, Dallas | OZ + PFC | Complete |

| Cambridge | 57 | Bishop Ridge, Dallas | PFC | Complete |

| Ferguson Flats | 42 | Bishop Ridge, Dallas | PFC | Complete |

**Power & Light** (315 units, Cedars) is the largest shovel-ready project in Savoy's current pipeline, with $86.9M in total development cost and PFC financing structure. The Cedars submarket — immediately south of downtown Dallas — has seen accelerating development momentum driven by land availability, infrastructure investment, and proximity to the urban core.

**The Marcus** (76 units, Cedars) held its grand opening on March 3, 2026, with a 60-year affordability commitment built into its PFC structure. It is the newest completed delivery from Savoy's ground-up development program and the most visible current proof of the ground-up capability.

**Trinity Basin S&N** (290 units, Bishop Ridge) received PFC and OZ approval in February 2026, adding to the Bishop Ridge micro-neighborhood's density and continuing Savoy's long-term concentration in Oak Cliff.

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## Dallas Housing Market Context: Why 2026 Is Different

Dallas added more than 1.3 million residents over the past decade, and corporate relocations — from California, the Midwest, and internationally — continue to concentrate high-income job growth in the metroplex. But housing supply hasn't kept pace at the workforce level. Class A supply has been robust; workforce and affordable supply has lagged significantly.

The result is an affordability gap that pushes working families into aging, under-maintained housing stock in South Dallas, Oak Cliff, and other legacy submarkets. That same aging stock is the raw material for value-add development programs like Bishop Ridge.

**South Dallas and Oak Cliff Momentum**

The areas immediately south of downtown Dallas — Cedars, Bishop Ridge, Oak Cliff — have emerged as the primary frontier for workforce housing development in the current cycle. Land costs remain lower than comparable infill submarkets to the north, transit infrastructure is improving, and the city's investment in southern Dallas neighborhoods has made complex financing structures like PFC more accessible.

**The PFC Tool**

Texas's Public Facility Corporation structure allows local governments to create entities that own affordable housing, enabling property tax exemption in exchange for unit affordability set-asides. For developers, PFC dramatically improves project economics on workforce housing — making projects viable that would otherwise require tax credit lotteries or deep subsidy. Savoy has multiple active PFC projects in Dallas and is among the most experienced PFC developers in the Texas market.

**What's Next**

Dallas's development pipeline faces headwinds from construction cost inflation and financing rate pressure — but structured finance tools like PFC and OZ create viable paths for experienced developers who understand the complexity. The projects in Savoy's pipeline are not rate-sensitive in the same way conventional development is; they're structured to work in the current environment.

## Start a Conversation

Whether you're looking at Dallas as an investment market, need a general contractor for a Dallas multifamily project, or are looking for a property management partner for Dallas assets — Savoy's three divisions serve all three pipelines.

**Call:** [214-432-5322](tel:2144325322)

**savoytx.com**