The West Commerce Gateway is currently under construction.

 

A development billed as the “West Commerce Gateway” is under construction near the intersection of Beckley and Commerce avenues.

The four-story complex will have 314 apartments, plus storefronts and small offices. The developers, Good + West Residential and Cypress Real Estate Advisors, two Austin-based firms, expect to finish the project next year.

Rendering of the West Commerce Gateway via Shop Cos.

More apartments were built in the Dallas/Fort Worth area than anywhere in the United States over the past two years. More than 43,000 units currently are under construction, and 26,000 new apartments are expected to go on the market this year.

Apartment towers make up about 14 percent of what’s being built.

Twenty high-rise apartment buildings comprising more than 6,000 units currently are under construction in Dallas, the newspaper reported last week. And movin’ on up will cost you about twice what a typical apartment goes for, with average rents over $2,300 a month and top-floor penthouses going for as much as $10,000.

Who are they being built for? Young professionals as well as older empty nesters, the newspaper reports.

Meanwhile, data also shows that Dallas residents who find themselves priced out of the market are moving east to Tyler.