Dallas Apartment Development Starts on LBJ Freeway
The 435-unit community will offer a mix of market-rate and affordable rentals when it opens for residents in summer 2028.
Updated on Oct. 15, 2026 in Apartments
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High Street Residential has officially begun construction on a new 435-unit apartment development in Dallas. The project, located at 5550 Lyndon B. Johnson Freeway, transforms a former office park into a multi-family community with a mix of market-rate and affordable units.
Why it matters
This development repurposes a five-acre site previously occupied by the vacant LBJ Financial Center to add housing capacity to the city. By securing a 75-year lease with the Dallas Public Facility Corporation, the project ensures a long-term supply of rental housing options in the area.
The $69 million project includes 218 apartments reserved for residents earning 80 percent or less of the area median income. These units are spread across two residential buildings of five and seven stories on a five-acre lot.
The players
High Street Residential
A developer specializing in multi-family residential communities and urban infill projects.
Dallas Public Facility Corporation
A local government entity focused on expanding affordable housing through land ownership and development leases.
Acram Group
An investment firm providing capital for real estate development and equity financing.
Parse Capital
An investment firm that partners with developers to provide preferred equity for residential construction.
Dallas City Council
The local governing body responsible for approving urban land use and property acquisitions.
The details
The development replaces three defunct office structures that formerly housed 185,000 square feet of workspace. High Street Residential is building the community under a 75-year lease agreement, supported by preferred equity from the Acram Group and Parse Capital. The construction process involves the complete removal of the legacy office complex that was originally built in 1982.
Timeline
1982: Original construction of the LBJ Financial Center.
1994: Renovation of the former office complex.
2025: Dallas City Council authorizes the site acquisition.
October 2026: Construction begins on the residential project.
Summer 2028: Completion of the apartment development.
The Home Front
This project reflects a broader trend of office-to-residential conversions aimed at addressing urban housing inventory shortages. By repurposing the aging LBJ Financial Center, the city is shifting land use from stagnant commercial space to high-density living.
Renters interested in the new affordable units should monitor the developer's portal as the 2028 completion date approaches. Prospective tenants should verify their income eligibility against the 80 percent area median income threshold to prepare for future applications.
The takeaway
This development marks a significant transition of commercial land into residential housing that will impact local rental availability by 2028. Prospective residents should keep a folder for income documentation to verify eligibility for the affordable housing units closer to the move-in date.
Further reading
For more information on housing inventory, visit our Apartments section.
Source note: This article includes information reported by The Real Deal New York.
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