North Dallas just scored a new crop of apartments near the Galleria, and they are not all top-dollar luxury. Bonner Carrington and Sycamore Development have officially opened Cypress Creek Montfort Drive, a 168-unit mixed-income community at 14119 Montfort Drive. The four-story complex includes 116 income-restricted units for households earning between 30% and 80% of the area median income and 52 market-rate homes. Residents get the full slate of modern perks, including a resort-style pool, fitness center, business center with private work pods and a pet spa.
New homes and amenities
One-, two- and three-bedroom floorplans come with private balconies, stone countertops, spa-inspired showers and energy-efficient appliances, as reported by REJournals. Bonner Carrington president Casey Bump said that a home close to work changes everything: less time commuting, more time to enjoy your home, and Sycamore principal Zachary Krochtengel called the project an investment in the future of North Dallas, the outlet added.
How the deal was financed
To make the numbers work, developers assembled a layered financing package that included $20 million in federal 9% Low-Income Housing Tax Credit equity syndicated by Hunt Capital Partners, plus construction and permanent loans from East West Bank, according to a press release via Business Wire. The release notes the tax credits were awarded by the Texas Department of Housing and Community Affairs and that construction was already underway ahead of the opening.
City backing and long-term affordability
The City of Dallas provided gap financing and authorized Community Development Block Grant Disaster Recovery (CDBG-DR) and ARPA funds to help close the project's funding gap, and official records lay out AMI tiers, rent levels and affordability covenants tied to the public dollars. City documents show certain ARPA/CDBG-DR-assisted units must remain affordable for a minimum of 30 years and that a land-use restrictive agreement will keep tax-credit units affordable for 45 years, per the City of Dallas.
Vouchers, partners and on-site services
Forty-one units at Cypress Creek will be supported by Walker Settlement vouchers administered by the Dallas Housing Authority, a program intended to expand access to higher-opportunity neighborhoods, Multi-Housing News reports. The project was built by Moss & Associates with Arrive Architecture Group as architect and Pape-Dawson as civil engineer; Bonner Carrington will manage the community and Apartment Life is slated to provide complimentary on-site services such as health fairs and food banks, the coverage says.
Location and move-in details
The property sits near Galleria Dallas and major corridors including I-635, putting it close to jobs and retail, and the community's leasing site shows office hours and move-in specials for early renters. Bonner Carrington's community page lists contact information and advertises tours as the team begins leasing the new homes, per the property's website at Cypress Creek Montfort Drive.
Why it matters for North Dallas
Developers and city officials have framed the opening as a step toward adding mixed-income supply where it is needed most, while public investment and vouchers aim to steer deeply affordable homes into higher-opportunity areas. KERA reported the city's recent bond package included about $82 million for housing and homelessness, and national data from the National Low Income Housing Coalition shows Texas and many metros still have far fewer affordable homes than low-income renters require.
