Partnership to develop new luxury harbor-side community in Rockwall
12/06/17
A newly formed joint venture partnership — Dallas-based Atticus Real Estate and Agoura Hills, California-based AMCAL Equities LLC — plans to begin construction by the end of the month on a luxury community near the harbor of Lake Ray Hubbard in Rockwall.
Upon completion, the four-story, 228-unit apartment community, called Harbor Urban Center Apartments, will sit on a 2.14-acre tract at the southeast corner of Summer Lee Drive and Horizon Road, just south of Interstate 30, in Rockwall.
The site is one of the last remaining tracts zoned for apartments in the Rockwall Harbor neighborhood.
The partnership solidifies an already strong relationship between AMCAL and Humphreys & Partners Architects, an affiliate of Atticus Real Estate, said AMCAL Equities CEO Percival Vaz.
Dallas-based architecture firm Humphreys & Partners, which specializes in designing luxury apartments throughout the country, has designed five of AMCAL’s student housing projects.
“We see the Rockwall market as an excellent opportunity to deliver a high-end, Class A+ product in a market poised to continue its tremendous growth,” said Mark Humphreys, who is CEO of Atticus Real Estate Services and Humphreys & Partners Architects.
“We look forward to expanding our relationship with AMCAL on a go-forward basis,” Humphreys added.
The community’s amenities include a rooftop garden with views of Lake Ray Hubbard, as well as two courtyards with grills and outdoor kitchens, cabana-style seating with fire pits and televisions. It will also include a fitness center with a yoga room, clubroom with business center and an internet cafe and coffee bar for residents.
The Harbor Urban Center Apartments was funded, in part, by a 40-year, fully amortized loan totaling nearly $34.8 million with a fixed interest rate of 3.7 percent through the U.S. Department of Housing and Urban Development. The financing on the project closed in late November.
Dallas-based Spring Valley Construction Co. is the project’s general contractor.
Construction is slated to begin by the end of the month, with completion expected in October 2019.
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