Multiple Partners Collaborate on Unique Condo Vision

FLOWER MOUND, TX—Lakeside Tower, a 16-story condo tower overlooking Lake Grapevine, is now complete but its starting point was an exercise in persuasion, says Realty Capital Management LLC, master developer of Lakeside. However, once the vision unfolded, the partnership was sold on the concept.

“While the location of Lakeside Tower overlooking Lake Grapevine is extraordinary, the concept of a 16-story condominium in the suburbs of DFW was a difficult sell to the capital markets,” said Alex Brown, development partner for Realty Capital. “The financing of Lakeside Tower was a collaboration between multiple partners who could understand the unique nature of the property and share in our vision for this cornerstone of the Lakeside community.”

Dallas-based Realty Capital Partners and Colorado-based Real Capital Solutions provided the equity. Trez Capital and Prosperity Bank provided the debt to finance the project.

“Our land partners, the Peter P. Stewart Family of Dallas, had envisioned a high-rise tower on this piece of property for decades,” said Richard Myers, managing partner for Realty Capital. “We are grateful to have financial partners that believed in the vision.”

Construction began in 2017 after the development team met a 50% pre-sold requirement put in place by Prosperity Bank.

“The bank wanted assurance that there was in fact a market for high-end condos in Flower Mound,” explained Brown. “Even we were surprised by the early demand. We pre-sold most of those residences from our office conference room.”

Christie’s International Real Estate is marketing Lakeside Tower on Lake Grapevine. This location is near DFW airport, downtown Grapevine and Southlake Town Center, and 30 minutes from downtown Dallas, downtown Fort Worth and Legacy West in Plano.

“Every time I take prospective owners on a tour, they are speechless when they see the lake views,” said Bryan Bell, agent with Christie’s International Real Estate. “From its spectacular views of Lake Grapevine to its abundance of luxurious amenities, Lakeside Tower is the perfect place to call home for anyone that wants to live luxuriously next to nature.”

The 16-story condominium tower includes 48 residences, four villas at ground level, and two bungalows that sit on the pool and amenity terrace. Each of the residences ranges in size from 1,400 square feet to more than 6,200 square feet. Private elevators provide residents with direct access into each home. Building amenities include a wine room, yoga room, club room, private dining room, private cinema, a full-service spa, guest suites, gym, steam rooms, golf simulator and a pool terrace. Residents of the Lakeside Tower also have access to 24-hour concierge, and valet and private parking garages enclosed within the main parking garage.

“Each residence is essentially a custom home,” said Leslie Bardo, senior vice president of Realty Capital. “We worked diligently with each buyer to select exquisite finishes that reflect their personal style. Our buyers are very excited that the time has come to move in, and enjoy the stunning lake views and all of the amenities that the Lakeside Tower provides.”

Prices for the remaining residences range from $700,000 to $4 million. There are two-, three and four-bedroom luxury condominiums and two pool bungalows as well as four-bedroom villas.

“Having the balconies sit outside of the living spaces means that the owners have total water views from the Gaylord-Texan Hotel in Grapevine to Texas Motor Speedway,” Bell tells GlobeSt.com. “On top of that, the amenities of The Lakeside Tower truly pamper the owners and truly make Lakeside Tower a resort that you can own.”

Lakeside Tower is the first of possibly several high-rise buildings on Lake Grapevine. The remaining 40 acres south of the Lakeside Tower called Lakeside Village will include six restaurants with lakefront views, high-rise residential towers, two mid-rise office buildings, single-family homes, retail shops, two hotels, a wedding chapel, an amphitheater and a community lawn.

Centrally located in North Texas, Flower Mound combines its small town atmosphere with an economic development environment. After experiencing residential growth in the 1990s, the town now actively promotes a burgeoning commercial development scene centered around the Lakeside Business District located on the North Shore of Lake Grapevine and the Denton Creek District, located in the growing Interstate 35 West corridor, GlobeSt.com learns.