New Dallas Apartment Complex Adds Affordable Units
The 435-unit development at the former LBJ Financial Center offers nearly 220 affordable homes for Dallas renters.
Updated on Oct. 15, 2026 in Apartments
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High Street Residential has broken ground on a 435-unit apartment complex in Dallas that will replace three vacant office buildings at 5550 Lyndon B. Johnson Freeway. The project includes 218 units reserved for households meeting specific income thresholds.
Why it matters
The development aims to increase housing availability in Dallas by converting underutilized office space into residential units. Half of the project is dedicated to affordable housing to accommodate residents earning 80 percent or less of the area median income.
The $69 million project will provide 218 affordable units for individuals earning 80 percent or less of the area median income. The site spans five acres and replaces a former 185,000 square foot office complex.
The players
High Street Residential
A developer responsible for building and managing large-scale multi-family residential communities.
Dallas Public Facility Corporation
A city-affiliated entity that facilitates public-private partnerships to increase affordable housing inventory.
Dallas City Council
The local governing body that reviews and approves site acquisitions and urban development projects.
The details
The development consists of two residential buildings standing five and seven stories tall. Under a 75-year lease agreement with the Dallas Public Facility Corporation, the site will transition from vacant office space to a residential community. The construction is financed through a partnership between High Street Residential, Acram Group, and Parse Capital.
Timeline
Construction began on the project in October 2026.
The project is expected to reach completion by summer 2028.
Money Landscape
This project reflects a broader trend of repurposing aging office assets into residential neighborhoods to address housing shortages. It follows the model set by the Dallas Public Facility Corporation property tax exemption program to incentivize the creation of mixed-income housing.
Households earning 80 percent or less of the area median income may soon have access to new affordable rental options in Dallas. Prospective renters should consult with a qualified professional to understand how income-restricted lease requirements affect long-term housing stability.
The takeaway
The transformation of the former LBJ Financial Center marks a significant shift in residential land use for the area. Residents interested in future affordable housing opportunities should monitor official municipal project updates as the 2028 completion date approaches.
Further reading
For more on local market trends and property developments, visit the Apartments section.
Source note: This article includes information reported by The Real Deal New York.
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