DALLAS—Construction is underway on phase II of the Realm at Castle Hills, a 260-unit five-story class-A apartment community with ground-floor restaurant and retail space in the Upper Tollway submarket. The Realm at Castle Hills continues Bright Realty's expansion of Castle Hills, a 2,800-acre master-planned community established by Bright Realty LLC in 1997.
Canyon Partners Real Estate LLC provided $14.7 million of preferred equity to Bright Realty to finance the project. This marks Canyon's second investment with Bright Realty in the Castle Hills community, having provided $16.7 million of preferred equity last year to finance Offices at The Realm, a 250,000-square-foot office tower immediately adjacent to the multifamily community.
When complete, the urban live-work-play environment, the Realm, will include 1.5 million square feet of multifamily, retail, office, restaurant and entertainment space, along with an extensive outdoor entertainment area including a hike and bike trail system.
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