The population of the Dallas / Fort Worth area is expected to climb from approximately 6.5 million people in 2012 to 7.1 million people in 2016, an annual growth rate of 2.2% or more than 400 people per day. Unlike the prior 50 years, many of the young, educated workforce want to live and work near downtown and the urban centers of DFW. We believe that significant opportunity exists to acquire well-located urban land for future redevelopment over the next 3-5 years. As we have done over the past 14 years in East Dallas, Performance Properties intends to invest heavily in urban-infill property.
We see opportunity in East Dallas, the Trinity River Corridor, West Dallas, the Design District and North Oak Cliff. Each of these areas has seen major capital investments and development of new multifamily projects which all are beating projections in terms of rental rates and occupancies.