Price Realty Corporation has secured a $57 million refinancing for The Standard at CityLine, its 403-unit apartment community at 1125 East Renner Road in Richardson, locking in five years of fixed-rate debt through New York Life just as a wave of apartment loans comes due across North Texas. The complex opened in 2015.
The loan was arranged by Kevin Leamy of Northmarq's Dallas Debt + Equity team, who worked with New York Life to offer an early rate lock that shielded the deal from market volatility, according to Yield PRO. As The Real Deal reported, Northmarq announced the refinancing in a news release. Price Realty, founded in 1991, now owns and manages roughly 6,000 multifamily units across 20 properties in major Texas markets, representing more than $800 million in assets under management.
A 403-Unit Community Inside a Transit Hub
The Standard at CityLine spans one- and two-bedroom units and includes a 25-meter swimming pool with TV-equipped cabanas, outdoor courtyard fireplaces, grills, and a 1,900-square-foot wellness studio with dedicated spin and yoga spaces, the same report notes.
CityLine itself spans 186 acres and sits directly off the CityLine/Bush Station, which connects DART's Red and Orange light rail lines and, as of late 2025, the new DART Silver Line commuter service, according to the City of Richardson. That rail link offers direct access to Dallas Fort Worth International Airport and UT Dallas, placing the apartment complex squarely within a transit-oriented development model about 15 miles northeast of downtown Dallas.
Sarver's Blockbuster Office Buy Set the Stage
The refinancing follows one of North Texas's largest real estate transactions in recent memory: former Phoenix Suns owner Robert Sarver's purchase of CityLine's office and retail campus in late 2023 through his firm 3Edgewood LLC. Sarver paid an estimated $580 million for the deal, according to the Phoenix Business Journal, acquiring 2.2 million square feet of office space along with 120,000 square feet of retail and a medical office building. State Farm occupies those four office towers, housing more than 6,000 employees — a scale of corporate employment that continues to anchor demand for CityLine's residential units.
Developer KDC, which began building CityLine's corporate campus for State Farm in 2013, pushed the project's next residential phase forward in mid-2024. The Richardson City Council voted unanimously on July 8, 2024, to raise the development's maximum apartment capacity by 1,175 units to 5,100 total, overriding a plan commission recommendation of denial at its July 2 meeting, per Community Impact.
Retail Vacancy Drove the Push for More Residents
During those 2024 zoning hearings, KDC and 3Edgewood argued that while CityLine Market was fully leased, ground-floor retail along State Street sat only 58% occupied — making added residential density critical to driving foot traffic for struggling storefronts, the same outlet reported. That retail hub has since seen fresh activity, including the 30th Original ChopShop location.
Securing a five-year, fixed-rate institutional loan through a lender like New York Life signals continued confidence in well-located, high-density suburban assets like The Standard at CityLine.
