Developers building a rental community on Lake Ray Hubbard have landed $58.3 million in financing for the project.
Zale Properties is building the almost 400-unit rental community as part of the Sapphire Bay mixed-use development in Rowlett.
The 116-acre, $1 billion project on Interstate 30 at Dalrock Road includes a manmade recreation lagoon and plans for a luxury resort, retail and restaurants, housing and office space. Zale Properties’ five-story View at Sapphire Bay apartments will open in 2024 with one- and two-bedroom apartments, co-working office space, game rooms, a resort-style pool, a fitness center, a pet spa, a garden courtyard and landscaped picnic area.
Principal Global Investors provided the construction financing for the project in a transaction arranged by Jones Lang LaSalle’s John Brownlee and Wilson Bauer.Sapphire Bay — previously known as Bayside — has been in the works for more than five years. It’s being developed by Sapphire Bay Land Development LLC and the city of Rowlett.Related:
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