Frisco’s rapid growth shows no signs of slowing, and another major multifamily project is now underway. Rosewood Property Company, along with equity partner MetLife Investment Management, recently broke ground on Penrose, a luxury apartment community planned for the Southstone Yards mixed-use development in Frisco.
Located at 4301 Tributary Way near SH 121 and Spring Creek Parkway, Penrose will add 382 upscale apartment homes to the area. The development spans just over 5 acres, with construction expected to take two years. Leasing is projected to begin in early 2027, with full completion by fall that year.
Amenities Aimed at Wellness and Work-Life Balance
Penrose promises luxury living with top-tier finishes and a long list of amenities. Plans include:
- Spacious clubhouse and state-of-the-art fitness center
- Co-working spaces and wellness areas with a sauna and cold-plunge pools
- A Trackman golf simulator and resort-style pool
- Covered outdoor lounge spaces
- Structured parking with direct access to residences
Nearly the entire exterior will feature brick and stone, while interiors are designed to compete with the highest-end communities in Frisco and Plano.
The community is part of the broader Southstone Yards Masterplan, a 45-acre walkable development combining offices, restaurants, hotels, townhomes and green spaces. The development draws inspiration from Frisco’s railroad and agricultural roots while incorporating contemporary design. Crow Holdings recently completed Texas’ largest mass timber office building on-site, now fully leased to Toyota Financial.
“Penrose’s strategic location between Plano’s Legacy District, one of the nation’s top employment and retail destinations, and The Colony’s Grandscape development, a leading entertainment destination, boasts a position in one of the most vibrant parts of the DFW Metroplex,” said Rosewood Senior Vice President Tim Harris.
The property also sits near several major employment and retail hubs, including The Star, Toyota’s North American headquarters and Hall Business Park. This central location offers prospective residents convenient access to a wide range of recreational, economic and financial opportunities.
“As people return to the office, we’re focused on residents who want a better work-life balance,” Harris said. “Penrose will offer a timeless, classic aesthetic — a retreat from the busy mixed-use communities that surround it.”
A Strategic Partnership
MetLife Investment Management’s managing director Michael Vogt said the project reflects the type of “high-quality opportunity” they seek for clients. “With fewer projects coming to market, timing and location is more important than ever,” said Vogt. “Penrose is a great opportunity as it taps into an infill location within a growing suburb."
The development team includes architects Hensley Lamkin Rachel, landscape designers LandDesign, interiors by B2 Design Co., civil engineering from KFM and general contractor OHT Partners. Veritex Community Bank and Associated Bank are financing the project.
Rosewood Property Company is no stranger to North Texas development, with projects like The Ludlow and The Buckley in Plano and The Gilman in Las Colinas. The company has also expanded into the Carolinas, opening a Charlotte office to grow its multifamily footprint.
With Penrose, Frisco continues to evolve as one of the region’s most dynamic residential and commercial destinations.
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