Multifamily Financing Accelerates Dallas Suburb Growth

Energy Efficiency Investment Expands

The Real Deal reports that multifamily financing via the C-PACE program is helping drive apartment improvement and development in north Dallas suburbs. Denton-based Blom Capital secured $21.9M in C-PACE funding for significant energy upgrades at Ironwood at Princeton, including improvements to lighting, HVAC systems, envelope, and hot water.

In Celina, JPI landed $23.5M for its Jefferson Ownsby project, a ground-up development totaling 436 units. Aquarian Holdings and PACE Equity led the funding, supporting new energy efficiency measures from project inception.

Why Demand Is Rising

Both Princeton and Celina are experiencing rapid population growth outpacing much of the Dallas-Fort Worth region. Princeton, northeast of Dallas, grew over 30% between mid-2023 and mid-2024, now exceeding 37,000 in population. Celina has also previously ranked as the nation’s fastest-growing city due to its location along the North Dallas growth corridor.

This surge is attracting developers and investors to multifamily projects, which contrasts with lagging demand in the broader Dallas-Fort Worth market weighed down by a recent flood of new apartment deliveries.

C-PACE’s Role in Capital Stacks

Multifamily financing via C-PACE remains attractive as institutional lending remains constrained. The program can back up to 25% of a project’s capital stack, making it popular among developers seeking flexible green funding for both renovations and new construction in growing submarkets such as Princeton and Celina. The trend also reflects a broader national surge in C-PACE lending activity, which has intensified as traditional financing sources tighten.