New 16-Story Apartment Tower Under Construction on Lake Grapevine

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Construction has kicked off on another North Texas residential tower — this time in Flower Mound. Dallas-based Realty Capital Residential is building the 16-story high-rise in its 40-acre Lakeside Village on Lake Grapevine. The building is the first phase of a $500 million development that includes the apartment tower, a luxury hotel, offices and retail.

Called 3111 Sunset, the 207-unit building will include one, two, and three-bedroom tower residences, townhomes, 6,000 square feet of retail and restaurant space and a five-level parking garage.

The new building is near the developer’s 15-story Lakeside Tower condominium building, which opened in 2020.

“After working on and marketing the first residential tower in Lakeside — Lakeside Tower — we learned a great deal about what amenities and building features residents desire,” Realty Capital Residential president Alex Brown said in a prepared statement. “3111 Sunset provides a wonderful living option for empty nesters and retirees that currently live in large homes in Southlake, Colleyville, Flower Mound and other neighboring suburbs.”

Brown said prospective buyers are seeking to downsize and “live a low-maintenance lifestyle.”

“They want an exceptional place to live that also provides exceptional services,” he said.

Units in the building will average 1,485 square feet. The property will have a sixth-floor landscaped pool deck with lake views.

Global investment manager Barings provided construction financing for the project. Chicago-based Creek Lane Capital formed a venture with Realty Capital Residential to fund the project. Archer Western is the general contractor.

Construction is scheduled to be completed by early 2025.

The high-rise is part of the final section of the 160-acre Lakeside development, a mixed-use community on Long Prairie Road in Flower Mound.

Realty Capital has been developing Lakeside since 2011, and the property now totals almost $1 billion in value. About $1.5 billion more in construction is planned in the final phases.

The project is just one of several Dallas-area residential high-rises planned to start construction.

 

Dallas Morning News, December 19, 2022

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