Resia has a $1.5 billion pipeline in North Texas as it looks to deliver 1,500 multifamily units

Press Release

October 6, 2022

After entering North Texas in 2019, Florida-based Resia could see Dallas-Fort Worth become its biggest market in the not too distant future.

Resia has a $1.5 billion pipeline in North Texas as it looks to deliver 1,500 multifamily units

The vertically-integrated real estate firm, formerly known as AHS Residential, is behind several projects in North Texas, including two major projects in downtown Fort Worth. Resia is aiming to deliver 1,500 units a year in North Texas going forward.

“People don’t know us there yet, but they will,” said Ernesto Lopes, president and CEO of Resia.

All told, the company has almost 900 units in the works in downtown Fort Worth. One project, located at 1000 West Weatherford Street, will total 492 multifamily units. That project is expected to cost almost $54 million. The other, located at 1000 Jones Street, would total 392 multifamily units and has an estimated price tag of $45 million.

The firm has additional projects in development in North Texas in places such as Denton and Dallas, according to the firm’s website.

Across North Texas, Resia has over 3,000 units in the pipeline, representing $1.5 billion in value.

Since its inception in 2012, Resia has been focused on workforce housing, targeting a demographic with a household income between $35,000 and $95,000. The company observed many consumers in this category were living in older apartments, and newer product serving this demographic was rare.

Resia is able to make this approach work due to its complete vertical integration, with the company handling land acquisition, the entitlement process, design, construction and asset management in-house.

“What we did is create a different company, where we control all aspects of the value chain,” Lopes said.

The company builds everything in concrete rather than the traditional stick frame commonly seen in multifamily. This also allows the company to build a taller product, creating more density. Because of this, Resia can use pieces of land that are overlooked by other developers.

“We don’t treat (construction) as a commodity,” he said. “For us, construction is the essence of what we do. It’s where the bulk of the money goes, and if we can control that and do it very efficiently, then we can be more successful.”

The firm also makes use of off-site manufacturing for bathrooms, kitchens and utility closets, giving Resia economies of scale. The product that goes up in Texas is the same that goes up in Florida, give or take some tweaks to the exterior based on municipal preference.

Resia’s product is not competing with luxury multifamily products, Lopes said. Instead, the company is competing with value-add products. However, there is substantial demand for new workforce product in North Texas.

The market has been experiencing some turbulence, but Resia is in a better position to weather economic uncertainty because of how it handles construction and the company's economies of scale, he said.

“I think there’s a huge, pent-up demand for it,” he said. “We’re not capturing 5% of the needs.”

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