Dallas-based homebuilder Zale Properties has obtained a $58.3 million construction loan from JLL Capital Markets to begin work on The View at Sapphire Bay.
JLL Capital Markets secured the eight-year, fixed-rate financing from Principal Global Investors, according to Multi-Housing News. The 394-unit community is underway in Rowlett, Texas.
JLL Senior Managing Director John Brownlee, together with Director Wilson Bauer, arranged the financing. JLL Capital Markets recently brokered another sale of a 228-unit community in downtown Dallas.
Located at 30 Dalrock Road within Sapphire Bay – previously known as Bayside – a 116-acre, mixed-use development, the community is taking shape approximately 21 miles northeast of downtown Dallas and is slated for delivery in May 2024. It has been in the works for more than five years and is being developed by Sapphire Bay Land Development LLC and the city of Rowlett.
Numerous dining and retail options are available less than 1 mile north, according to the publication. The apartment community was also designed by JHP Architecture, a Dallas-based architect.
Upon completion, the five-story building will encompass one-, two- and three-bedroom units averaging 941 square feet, and will feature various amenities. These include open-island kitchens, stainless steel appliances, walk-in closets, hardwood-style flooring, and private balconies. Outside there will be a swimming pool, fitness center, pet spa, garden courtyard, game room, and picnic area.
A recent Yardi Matrix report showed that more than 24,000 units were completed in the Dallas-Fort Worth metro in 2021, with more than 43,000 apartments under construction as of January 2022, marking the largest pipeline in the country. Investors also traded a record $13.9 billion in multifamily assets in 2021, more than double the previous peak. The per-unit price rose 22.4 percent year-over-year since 2019.
[Multi-Housing News] — James Bell