JV to Develop $35M Apartment Community North of Dallas
- Dec 26, 2012
By Camelia Bulea, Associate Editor
Global Growth Trust has formed a joint venture with Hunt Realty Investments and Trinsic Residential Group to develop a Class A apartment community in Lewisville, about 25 miles north of downtown Dallas.
Known as Aura Castle Hills, the $34.9 million garden-style community will include 316 apartment units with one-, two- and three-bedroom floor plans. The developer also announced that the new apartment project will be built on a site that is part of Castle Hills, a 2,500-acre master-planned community that was named “Community of the Year” in 2011 by the Dallas Homebuilders Association.
Aura Castle Hill is located about five miles from the Dallas North Tollway and I-35, providing residents with easy access to large employment areas, retail centers and entertainment venues.
The community will feature a clubhouse, business center, fitness center, dog park, resort-style swimming pool and attached and detached garages, according to a statement from Global Growth Trust, which owns a 56 percent interest in the joint venture.
The company has been a very active developer in the last 12 months, having invested about $135.5 million in four multifamily developments, according to a news release. The other three projects are:
- Woodfield Long Point – a 258-unit project in Mount Pleasant, near Charleston;
- Circle Crosstown – a 344-unit multifamily project in Tampa;
- Circle Alexander Village – a 320-unit Class A garden-style community in Charlotte, N.C.
Dallas-based Trinsic Residential Group will serve as the project’s developer and general contractor.
Artist rendering of proposed development courtesy of Global Growth Trust.
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