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Atlanta developer buys Lower Greenville apartment building site

RangeWater Real Estate eyes rental project on Richmond Avenue

An Atlanta apartment developer has purchased a prime site in Dallas’ Lower Greenville neighborhood.

RangeWater Real Estate — formerly known as Pollack Shores — purchased the more than 1-acre property in the 5700 block of Richmond Avenue near Greenville Avenue.

The vacant tract is across the street from the Sam’s Club store and was formerly the site of Pietro’s restaurant.

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The storied Dallas Italian restaurant closed in 2017 after almost six decades in business, and the building was demolished.

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RangeWater has been working on plans for a rental community on the site for several months.

The Lower Greenville area has seen a resurgence in the last few years, with new eateries and watering holes. But the neighborhood has limited opportunities for new rental housing development.

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Last year, developer Trammell Crow Residential opened one of the first apartment projects built in Lower Greenville on Belmont Avenue at Greenville.

RangeWater is already building a 240-unit rental community on Ross Avenue, just east of downtown. The four-story apartment development is valued at more than $30 million and is the developer’s first project in North Texas.

Founded in 2006, RangeWater has acquired and developed more than 26,000 multifamily projects out of its offices in Atlanta, Dallas, Denver and Tampa.

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RangeWater is expanding its operations with new projects on the way in Austin, Dallas, Denver and Phoenix.

The apartment site is on Richmond Avenue around the corner from Greenville.
The apartment site is on Richmond Avenue around the corner from Greenville.(Steve Brown)