The project is beginning at a time when demand for new apartments in the Dallas-Fort Worth region remains near historic highs while new multifamily construction starts have fallen by more than half since 2022.
HPI Real Estate Services and Investments has broken ground on the first phase of a 55-acre project in northwest Fort Worth that will deliver 829 luxury apartments, townhomes, and detached cottages in one of the fastest growing areas of one of America’s fastest-growing cities. The multifamily development at the southeast corner of Bonds Ranch Road and Blue Mound Road is HPI’s first in Fort Worth.
Texas-based HPI has begun construction on 396 one-, two- and three-bedroom apartments that are expected to open to residents by early 2027. Zoning and site plan approval are in place for 240 additional apartments and 193 build-to-rent townhomes and detached cottages. Design and permitting for these additional phases is underway.
“It took us three years to secure the entitlements necessary to move forward with this project due to the size and complexity of the planned development as well as the challenges of building multifamily in this area,” said HPI Partner and Multifamily President Tim Shaughnessy. “We’re making a big investment because we’re confident in the need for housing in this trophy location.”
HPI is investing $16 million of its own capital in the project, alongside a group of private investors that include high-net-worth individuals, family offices and Registered Investment Advisors. The total investment amount was not disclosed.
Zoned to Northwest ISD schools, HPI’s development is less than two miles from Alliance Town Center, a top destination for shopping and dining in northwest Fort Worth. A Kroger Marketplace grocery anchored retail center recently opened just one block away, across the street from a planned H-E-B grocery store. Work recently began across the street on the Copper Ranch mixed-use retail center at the northwest corner of Bonds Ranch Road & Blue Mound Road.
Growing demand for DFW apartments is outpacing new supply DFW’s population has grown by 21% in the last 10 years, making it the fastest growing metro area in the nation. A record number of multifamily housing starts in 2022 resulted in over 43,000 new apartments hitting the market in 2024, and renters filled nearly every new apartment last year.
While the area’s population growth and demand for apartments remains strong, construction starts have dropped considerably in the last few years due primarily to high interest rates and construction costs. As a result, the number of new apartments added to the market is expected to drop by 47% between 2024 and 2026, according to data compiled by JLL.
DFW renters leased approximately 8,000 more apartments than developers added to the market in the first half of 2025.
The project team for the first phase of HPI’s Fort Worth development includes:
- General Contractor — Blackland Partners
- Architect — Archon Corporation
- Civil Engineer — Westwood Professional Services
- Landscape Architect — Norris Design
- Structural Engineer — Innovative Structural Consultants
- MEP Engineer — Power Systems
- Property Manager — Greystar
- Interior Design — Ellie Aiello Interiors
