Investment Overview
Marcus & Millichap Real Estate Investment Services is pleased to present the exclusive offering of Lake Ray Hubbard Land Development in Garland, Texas. The 2-acre property is currently zoned and entitled for multifamily development with complete civil and architectural plans, easements, surveys, and geotechnical studies underway. The development’s current design incorporates cost-effective construction specifications while preserving a good standard of life for residents. Located on the beautiful Lake Ray Hubbard, the property is in the heart of the I-30 corridor and is highly desirable amongst renters in the DFW Metroplex.
The Dallas-Fort Worth Metro Area leads the nation in total volume of new rentals. With 30,000 units expected to be completed by the end of 2023 and an estimated 80,000-plus rentals having broken ground, the number of units under construction in the second quarter of 2023 exceeds any other major U.S. market by nearly 25,000.
Within Dallas, Garland is emerging as a highly promising submarket, capturing the attention of numerous investors in the Dallas-Fort Worth region. The City of Garland ranks 13th in population in Texas and 95th in the country with an estimated population of 242,000 people and is a major manufacturing and industrial hub for the Metroplex with more than 300 manufacturers. Located adjacent to northern and eastern Dallas, the growing submarket enjoys convenient access to downtown Dallas, reducing commuting time and costs, granting residents greater freedom and a wider range of options.
