Thursday, February 2, 2023

Construction begins on luxury apartment tower in Lakeside Village

Realty Capital Residential has closed on financing and started construction on 3111 Sunset Boulevard, a luxury residential tower in Lakeside Village, a 40-acre resort community on Lake Grapevine in Flower Mound.

3111 Sunset will be a 16-story luxury residential tower with expansive views of Lake Grapevine, according to a news release from Realty Capital. The project consists of one, two, and three bedroom tower residences, penthouse units, townhomes, 6,000 square feet of retail and restaurant space, and a five-level parking garage. The average unit size is 1,485 square feet and guest suites will be available for residents to reserve. Building amenities include a sixth floor landscaped pool deck with lake views, a full-service bar, a 14th floor private dining room, 24-hour attended lobby, concierge, valet parking, billiards room, golf simulator and a 50-foot lap pool and spa.

“After working on and marketing the first residential tower in Lakeside, Lakeside Tower, we learned a great deal about what amenities and building features residents desire,” said Alex Brown, President of Realty Capital Residential. “The feedback we continue to receive from residents is that, despite the wealth of amenities in the building, the beautiful views of Lake Grapevine and Lakeside’s walkability are what make it such a special place to live. Dining on your balcony at sunset on the lake and walking to restaurants and shops provides a lifestyle that one cannot get anywhere else in the metroplex.”

3111 Sunset is now under construction by Archer Western, one of the largest general contractors in the United States. Barings, a $338+ billion global investment manager, provided the construction funding and Chicago-based Creek Lane Capital and Realty Capital Residential provided the equity for the project, according to Realty Capital.

Construction of 3111 Sunset should be complete by early 2025.

Lakeside Village is the final phase of the 160-acre Lakeside mixed-use project that includes lakefront restaurants, hotels, shops, Class AA offices, a private social club, trails, amphitheater, custom Mediterranean Villa homes, and a variety of high-rise residential options, including the existing 15-story Lakeside Tower condominiums.

“3111 Sunset provides a wonderful living option for empty nesters and retirees that currently live in large homes in Southlake, Colleyville, Flower Mound and other neighboring suburbs,” Brown said. “We have learned that many people want to downsize and live a low maintenance lifestyle. They want an exceptional place to live that also provides exceptional services.”

The Peter P. Stewart family of Dallas, Texas has owned the property since 1973 and selected Realty Capital as Lakeside’s master developer in 2011. Since Lakeside began, almost $1 billion of projects have been built. Lakeside Village will bring forth another $1.5 billion of projects.

“We are excited to be under construction on the second residential tower in Lakeside Village,” Brown said. “Lakeside Village is truly a legacy project and we are honored to be a part of the extensive team executing the Stewart family’s vision for this incredible property.”

Mark Smith
Mark Smith
Mark Smith is the Digital Editor of The Cross Timbers Gazette.

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