Phase II will include 271,868 square feet of multifamily space located on Castle Hills Drive.
LEWISVILLE, TX—With an aim toward younger professionals who are streaming into the metro for job opportunities, Phase II of Discovery at The Realm broke ground last week. This project by Bright Realty is an expansion of the current 423-unit Discovery at The Realm multifamily complex and one of several developments underway in the master-planned The Realm at Castle Hills mixed-use community that also includes office, condos, retail, single family and entertainment.
Phase II will include 271,868 square feet of multifamily space and is located just south of Windhaven Parkway at Castle Hills Drive, just off State Highway 121/Sam Rayburn Tollway. The newest phase will feature a pair of four-story over podium buildings with 312 apartments and amenities such as a dog park with bench seating, a second fitness center and flex work-out/yoga room, bocce ball court and landscaped, outdoor seating areas with barbecue grills, fire pits and water features. The property will also include an extensive trail system that connects to the current Discovery trail system and upon completion, will connect to the much larger system throughout The Realm at Castle Hills community.
In addition to these amenities, the development is equipped with variable refrigerant flow heating and cooling system. The system was recognized in 2018 by the National Association of Home Builders for its game-changing technology in energy efficiency.
“Texas continues to be the top destination in the country for business, and people who live and work here need a variety of residential products to choose from,” said Bright Realty CEO Chris Bright. “Our multifamily residents have an average household income of $70,000 a year so they have several choices when it comes to where they want to live. They are telling us they want the advantages of a suburban setting–outstanding schools, access to a large airport and major employers–while living in a walkable, urban-type setting that allows them to upgrade over time without leaving that community.”
The first phase of Discovery at The Realm delivered 423 high-end apartments and amenities, including a staffed resident-only bar and lounge in 2016. The second phase of Discovery at The Realm apartments is set to open in late 2020.
“We are seeing a lot of people moving into the area, specifically because of employment opportunities and growth in the area,” Eric Stanley, president and COO of Bright Realty tells GlobeSt.com. “We are targeting 20 to 30-year-old professionals for this phase.”
Partners for Phase II of Discovery at The Realm include master-plan architect 505Design, project architect BB&M Architecture, civil engineer and landscape architect LandDesign, general contractor Andres Construction, lenders First United Bank & Trust Company and ORIX Public Finance LLC.
This phase of construction in the Castle Hills area complements several other projects currently underway or planned in Castle Hills: Phase I of The Realm at Castle Hills, Offices at The Realm, which includes a nine-story development currently leasing office and first-floor restaurant and retail space; Phase II of The Realm at Castle Hills, currently under construction, features a 260-unit five-story apartment community with ground-floor restaurant and retail space with the first units expected to deliver in late 2020; Sojourn at The Realm is an 80-unit condo project under construction and pre-selling now; Cottages at The Realm, a rental home community that is now leasing three- and four-bedroom houses; and Crown Centre, a planned mixed-use development that will include a corporate campus, apartments and retail.
Dallas-Fort Worth ranked in the first spot for emerging markets as reported by ULI. And, its report outlines how new multifamily assets are going well beyond the fitness center and recreational areas to include child and pet care, bike storage and even a curated garden growing fresh fruits and vegetables for residents.
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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.
