SWBC Real Estate Sells Two Multi-family Properties in DFW Area
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SAN ANTONIO/DALLAS (March 1, 2022) – SWBC Real Estate, LLC, announced that it recently sold two of its Dallas/Ft. Worth-area complexes, The Royalton at Rockwall Downes™ and Central Park at Craig Ranch. Drew Kile, Joey Tumminello, Michael Ware, and Taylor Hill of Marcus & Millichap’s Institutional Property Advisors (IPA) handled the sale for SWBC Real Estate.
“Dallas/Fort Worth continues to be one of the most active markets in the U.S. for multi-family development and sales. With the completion of these two sales, it exemplifies the immense appetite from buyers wanting to acquire new multi-family product in the area. During the marketing process of these properties, we received an abundance of interest from buyers all across the country,” says Stuart Smith, Chief Operating Officer of SWBC Real Estate, LLC.
SWBC Real Estate completed construction of The Royalton at Rockwall Downes™, a 295-unit Class A multi-family property, in 2021. The property is situated adjacent to Rockwall’s Technology Business Park – about a quarter of a mile south of Interstate 30 at John King Boulevard. The property is comprised of two and three-story apartment buildings, constructed of stucco and brick veneer exteriors. The average unit size is 1,006 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 spa, state-of-the-art fitness center and spin studio, dog grooming facility, a gaming center, and direct access or detached garages. The construction of Central Park at Craig Ranch, a 271 Class A multi-family property, was completed in 2019. The 271-unit complex, located within The Craig Ranch in McKinney, features a combination of one-bedroom, two-bedroom, and three-bedroom units. Residents enjoy an upscale clubhouse with a community business center, an attached 4-story parking garage, a 24-hour fitness center, a resort-style pool and spa with sunning desks and Wi-Fi, outdoor gathering areas, grills, and other community amenities. The units consist of 10-foot ceilings, granite countertops, stainless steel appliances, and washer/dryer hook-ups. In addition to the amenities developed specifically for the complex, the tenants may also take advantage of the surrounding amenities such as The Ballfields at Craig Ranch, Michael Johnson Performance, TPC Craig Ranch golf course, a community dog park, and 350 acres of green space consisting of hiking and biking trails.
“The offering was extremely competitive with both institutional and private capital who consider the metroplex a priority as they grow their respective portfolios,” says Joey Tumminello, Senior Vice President of IPA.
Affiliates of Lightbulb Capital Group, the family office of Jay Schuminsky, purchased the properties for an undisclosed amount.
“These are ideal properties to launch our Luxia brand of Class A multi-family, and we are grateful for the opportunity to transact with an industry-leading developer like SWBC,” said Ramsey Soliman, Partner with Lightbulb Capital Group.
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 in 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.
Contacts:
Lisa Pinto
SWBC
lpinto@swbc.com
210.382.1520