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Dallas

Former Bank OZK exec plans big investment in Oak Cliff

Swede Hanson says he hopes to be rustling up at least three multifamily projects in the area per year

Dallas Mayor Pro Tem Carolyn King Arnold, Smart Living Residential's Swede Hanson and a rendering of The Elms (Parscale Group, LinkedIn, Dallas City Hall)
Dallas Mayor Pro Tem Carolyn King Arnold, Smart Living Residential's Swede Hanson and a rendering of The Elms (Parscale Group, LinkedIn, Dallas City Hall)

A new developer on the scene is planning a minimalist multifamily project in an overlooked pocket of Dallas’ Oak Cliff neighborhood.
A hilly 5-acre site in Cedar Crest is set to get a 153-unit apartment project as early as next year, the Dallas Morning News reports. Dubbed The Elms, the seven-building apartment complex will offer a mix of studios, one- and two-bedrooms ranging from $1,300 to $2,200. The development team has just begun the permitting process with construction expected to begin in first-quarter 2023.

The developer is Smart Living Residential, a new firm launched by Swede Hanson, a former commercial construction asset manager for Bank OZK. The new development firm will focus on projects in Southern Dallas. Hanson says he hopes to be rustling up at least three projects per year.

A site plan of The Elms (Parscale Group)

A site plan of The Elms (Parscale Group)

“It’s in a prime location, but it’s also just very much needed as we talk about putting in more housing options in the southern sector,” Dallas Mayor Pro Tem Carolyn King Arnold said about the project. “I think we will begin to signal to folks that it’s OK to come on over to the southern sector. We have plenty of land opportunities in that area.”

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While Hanson is not using affordable housing tax credits for The Elms, its units will be targeted toward people in the neighborhood such as teachers, firefighters, nurses and city employees.

To keep rents affordable, Hanson’s strategy is to use minimalist design elements, limit unit types, keep amenities to a minimum and identify affordable land sites. He says he only added a pool to the plans after lengthy discussions with community members. It reportedly took about a year and a half to find and close on this 5-acre site, which was already zoned for multifamily when it was acquired in July 2021.

“Our goal is not to disrupt the typical multifamily model, but it’s really just to add to it in such a way that allows us to more effectively and repeatedly provide high-quality, mixed-income rental housing,” Hanson said, adding that other developers focus on “the economics of the near-term exit instead of solving the long-term housing problem.”

Hanson is also working to collaborate with several local nonprofits, including faith-based Behind Every Door, which bought the neighboring community center from the Salvation Army in January.

“If you want to be a stakeholder, and you want to be an investor in southern Dallas, you need to be a stakeholder,” Hanson said. “You need to listen, you need to be active, you need to be present, you need to listen to what the community’s wants and needs are.”

— Maddy Sperling