ROCKWALL, TX—Multifamily demand continues unabated but fortunately, development remains ready to stem the tide. Case in point is the recent acreage purchased for the development of The Remington at Rockwall Downes, a 295-unit multifamily property. SWBC Real Estate LLC recently purchased 21.3 acres for the project, which will be situated within Rockwall's Technology Business Park, located about a quarter of a mile south of Interstate 30 at John King Boulevard.
The entire site consists of 42.6 acres and is planned to be a two-phase project. Each phase will consist of 295 rental units, comprised of two- and three-story apartment buildings, constructed of stucco and brick veneer exteriors.
“We purchased 21 acres to build 295 units with the option to buy the other 21 acres for a second phase at some point in the future, of which phase two would most likely contain another 295 units. So for now, we are only committed to the first phase: 295 units with the potential to build up to 590 units,” Stuart Smith, senior vice president of SWBC Real Estate, tells GlobeSt.com. “Rockwall has a very tight rental market with a low supply of new rental units, so we are excited to have the opportunity to provide a new high-end product to the residences of Rockwall.”
The average unit size for phase one will be 1,006 square feet with one-bedroom, two-bedroom and three-bedroom units. Interior features include 9-foot ceilings, a stainless steel appliance package, walk-in showers, and granite countertops in the kitchens and bathrooms.
Community amenities include a clubhouse with a pool and spa, fitness center and spin studio, direct access or detached garages, jogging trails, a dog park, and several water features throughout the property.
“With its location just off Interstate 30 and within the high growth area of Rockwall, we feel that this location is a prime site for multifamily development,” said Smith. “The Remington will attract tenants looking for first-class amenities in close proximity to numerous employment centers, retailers, restaurants and entertainment venues within Rockwall.”
SWBC Real Estate plans to begin construction of The Remington in May 2018. The proposed total construction time is 20 months. The architect for the project is Plano, TX-based Cross Architects and the engineering firm is G&A Consultants from Lewisville, TX.
In addition to this project, SWBC Real Estate is currently developing two other multifamily projects in Texas. Central Park at Craig Ranch in McKinney, a 271-unit multifamily property, is scheduled to open in March of 2018, and construction is scheduled to begin soon in Kingwood on a new 331-unit multifamily project.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
