FTK Launches $21.8M Renovation in Dallas
FTK Construction Services, a leading nationwide general contractor with a well-established reputation in Affordable Housing and Low-Income Housing Tax Credit (LIHTC) projects, has officially commenced a large-scale rehabilitation project for the Royal Crest Apartments in Dallas, Texas. This significant undertaking marks an important milestone in both the company’s Texas portfolio and in the revitalization of a long-standing community asset.
The Royal Crest Apartments, originally built in 1968, consist of 167 units spread across two stories. The apartments are a mix of one-, two-, and three-bedroom residences, designed to accommodate a broad range of family sizes and housing needs. Over the decades, the property has served as a vital housing resource in the Dallas area, but as is common with properties of its age, major upgrades are necessary to ensure long-term livability, safety, and sustainability.
The total contract value of the rehabilitation stands at $21,841,978, a figure that reflects both the scale of the improvements and the commitment of all parties involved. The financing for the project is provided by Capital One, a national financial services leader with extensive experience in supporting affordable housing and community development initiatives. Design and architectural oversight for the project will be led by Hooker DeJong, Inc., a respected architectural firm known for its work on affordable housing and community-centered projects nationwide.
Fairstead’s Role as Owner and Developer
The ownership of Royal Crest Apartments rests with Fairstead, a vertically integrated real estate company headquartered in New York. Fairstead is widely recognized for its dedication to developing and preserving affordable housing communities across the country. With a portfolio of more than 28,000 apartments under ownership and management, Fairstead brings to the Dallas project both national expertise and a clear mission to build sustainable, long-term communities.
Fairstead’s strategy combines investment, property management, development, and community-building, ensuring that their projects go beyond bricks and mortar. Their focus includes environmental sustainability, social equity, and delivering high-quality living environments for residents. Royal Crest represents not only their first acquisition in the Dallas-Fort Worth metroplex but also an opportunity to demonstrate their commitment to housing equity in one of the fastest-growing urban regions in the United States.
Robert Barnard, Senior Director of Development at Fairstead, highlighted the significance of the Dallas entry, noting:
“Royal Crest marks our first acquisition in the Dallas-Fort Worth metro area, and we are thrilled to partner with FTK on this project. We look forward to the positive impact that the planned renovations and investment will have on the community.”
Scope of Renovations
The rehabilitation plan for Royal Crest Apartments is comprehensive, targeting nearly every aspect of the property, from interior unit upgrades to exterior community enhancements.
Interior Renovations will focus on bringing the apartment homes up to modern standards of comfort, efficiency, and accessibility. Planned upgrades include:
- Fresh paint throughout units to create brighter and more welcoming living spaces.
- Replacement of cabinetry and countertops to improve both aesthetics and durability.
- Installation of new door hardware, plumbing fixtures, and light fixtures to enhance functionality and safety.
- Updated flooring materials designed to be both attractive and resilient.
- Full HVAC updates to ensure energy efficiency and improved indoor air quality.
- ADA-compliant unit upgrades to enhance accessibility for residents with mobility challenges.
- Electrical enhancements to meet today’s demand for reliable power and technology usage.
Common Area Improvements will include renovations to the Leasing Office and Community Building. These shared spaces are central to resident services and engagement, and their upgrades will create a more welcoming environment for both staff and residents.
Exterior Renovations are equally extensive, ensuring that the outside of the property matches the quality of the interior work. These will include:
- Installation of accessible walkways to improve mobility throughout the property.
- Parking area improvements, including restriping for safety and organization.
- New property signage to enhance visibility and identity.
- Fencing repairs to improve security and delineation of community boundaries.
- A brand-new playground to serve children and families, encouraging outdoor activity and social connection.
- Enhanced landscaping and creation of a picnic and BBQ area to foster a sense of community and livability.
- Roof replacements to improve weather resistance and long-term durability of the property’s structures.
Together, these improvements reflect a holistic approach to property rehabilitation—addressing not only physical maintenance but also resident well-being, accessibility, and community engagement.
Partnership Between FTK and Fairstead
The collaboration between FTK Construction Services and Fairstead has been characterized by strong alignment and mutual commitment to excellence.
Jim Goodman, CEO of FTK, expressed his enthusiasm about the project and the relationship with Fairstead:
“We are very pleased to be working on this Dallas project with Fairstead and their exceptional team. The collaboration throughout the Pre-Construction Phase was outstanding. Our FTK Team then structured a solid production plan to ensure this Project has a stellar completion! We’re appreciative of the opportunity with Fairstead and are anticipating many more to come.”
This sentiment underscores the importance of partnerships in large-scale affordable housing projects. By combining Fairstead’s vision for sustainable community development with FTK’s technical expertise in construction and project execution, the Royal Crest rehabilitation is positioned for both timely delivery and long-term success.
Broader Impact on the Dallas Housing Landscape
The rehabilitation of Royal Crest Apartments comes at a critical moment for the Dallas-Fort Worth region. The metroplex has experienced rapid population growth in recent years, resulting in heightened demand for affordable housing. Properties like Royal Crest serve as an essential part of the housing ecosystem, offering quality homes for families who may otherwise struggle with the rising costs of living in a booming urban market.
By modernizing the apartments, enhancing accessibility, and investing in community features like playgrounds and picnic areas, the project will directly benefit current residents while strengthening the property’s ability to serve future generations. Additionally, improvements such as HVAC upgrades and roof replacements contribute to long-term energy efficiency and sustainability—aligning with broader goals to reduce environmental impacts in the housing sector.
