Castle Hills Expansion is Underway with Phase II
The live-work-play environment, the Realm, will include 1.5 million square feet of multifamily, retail, office, restaurant and entertainment space, along with an extensive outdoor entertainment area.
DALLAS—Construction is underway on phase II of the Realm at Castle Hills, a 260-unit five-story class-A apartment community with ground-floor restaurant and retail space in the Upper Tollway submarket. The Realm at Castle Hills continues Bright Realty’s expansion of Castle Hills, a 2,800-acre master-planned community established by Bright Realty LLC in 1997.
Canyon Partners Real Estate LLC provided $14.7 million of preferred equity to Bright Realty to finance the project. This marks Canyon’s second investment with Bright Realty in the Castle Hills community, having provided $16.7 million of preferred equity last year to finance Offices at The Realm, a 250,000-square-foot office tower immediately adjacent to the multifamily community.
When complete, the urban live-work-play environment, the Realm, will include 1.5 million square feet of multifamily, retail, office, restaurant and entertainment space, along with an extensive outdoor entertainment area including a hike and bike trail system.
Phase II of the Realm at Castle Hills will offer one- and two-bedroom units with interior finishes including granite countertops, engineered hardwood flooring and custom lighting. Community amenities include a pool, fire pits, hammocks and outdoor games, as well as a fitness center and community lounge. The first-floor retail offers State Highway 121 visibility, and will feature restaurants and neighborhood conveniences.
“The 121 Corridor is considered the new Central Business District of the DFW area,” said Chris Bright, Bright Realty CEO. “It’s both a thriving center for business development and a lifestyle destination because of its urban feel and amenities as well as its access to DFW Airport.”
The area surrounding Castle Hills is home to some of the top employers in the Dallas-Fort Worth metro, including Toyota Motor Company, Nebraska Furniture Mart, Raytheon Corp. and FedEx Office.
“As the area population continues to grow, so will the need for more varied housing types and walkable communities,” said Eric Stanley, Bright Realty president and COO.