SWBC Real Estate Sells Multi-Family Property in Rockwall
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SAN ANTONIO/DALLAS (October 30, 2024) – SWBC Real Estate, LLC, announced that it recently sold The Royalton at Discovery™ in Rockwall, Texas. Drew Kile, Joey Tumminello, Michael Ware, and Taylor Hill of Marcus & Millichap’s Institutional Property Advisors (IPA) handled the sale for SWBC Real Estate.
“With the recent sale of The Royalton at Discovery, we have successfully built and sold two properties totaling 590 multi-family units in Rockwall,” said Stuart Smith, Chief Operating Officer of SWBC Real Estate, LLC. “Rockwall’s limited supply of new rental units and its strong demographics have been why these properties have performed so well. We anticipate that with the continued growth in the area, these properties will remain successful for the new owners in the foreseeable future.”
In 2021, SWBC Real Estate sold The Royalton at Rockwall Downes™, the first phase of this two-phase development.
SWBC Real Estate completed construction of The Royalton at Discovery™, a 295-unit Class A multi-family property, in 2023. The property is situated within the Rockwall Technology Park with access to Interstate 30 and comprises three-story apartment buildings constructed of stucco and brick veneer exteriors. The average unit size is 1,015 square feet with one-bedroom, two-bedroom, and three-bedroom units. Stylish interior features include nine-foot ceilings, hardwood-style flooring, a stainless-steel designer appliance package, walk-in showers, and granite countertops in the kitchens and bathrooms. Tenants enjoy a first-class clubhouse with a resort-style pool and cabana, a state-of-the-art fitness center, an outdoor gaming center, and direct access or detached garages.
“The Royalton at Discovery was well received in the market given the low-density construction and exceptional lease-up,” said Joey Tumminello, Senior Managing Director of Institutional Property Advisors. “Our team was able to showcase the differentiated submarket with the long-term benefits of Rockwall, given the school district and employment centers that will benefit the future ownership group over the long term. This asset was one of our more competitive offerings in 2024.”
Bonaventure purchased The Royalton at Discovery for an undisclosed amount.
About SWBC Real Estate
SWBC Real Estate, LLC (www.swbcrealestate.com) is owned by SWBC Enterprises, Ltd. SWBC Real Estate is managed by an experienced team of real estate professionals located in Dallas, Texas, with a primary focus on multi-family development. SWBC Enterprises, Ltd. is owned by Charlie Amato and Gary Dudley, co-founders of SWBC. SWBC is a diversified financial services company providing a wide range of insurance, mortgage, and investment services to financial institutions, businesses, and individuals. With offices across the country, SWBC is committed to providing quality products, outstanding service, and customized solutions in all 50 states. For more information, visit www.swbc.com.