SWBC Real Estate LLC has finalized the sale of the Royalton at Discovery to buyer Bonaventure Realty Group LLC.
While the terms of the deal were not disclosed, the property was recently valued at $44.2 million, according to the Rockwall Central Appraisal District. News of the sale of the 295-unit building was announced on October 30.
SWBC was represented by Drew Kile, Joey Tumminello, Michael Ware, and Taylor Hill of Marcus & Millichap Institutional Property Advisors, while the buyer’s representation was not disclosed.
The multifamily building was completed last year. It is located within the 550-acre Rockwall Technology Park and is near several large neighborhoods.
The City of Rockwall has seen a surge in growth in recent years.
Between 2022 and 2023, the city’s population expanded by an estimated 6.5%, the second-fastest in the nation.
Earlier this year, The Dallas Express reported that a fuel cell manufacturing company plans to invest $160 million in constructing a new facility on 22 acres within the Rockwall Technology Park. The move would mark a significant milestone in developing domestic hydrogen and fuel cell technologies in the United States. The investment would include $40 million in U.S. Department of Energy grants.
The relatively new apartment complex, which now belongs to Bonaventure Realty, consists of three-story buildings housing one-, two-, and three-bedroom units. Units start at 650 square feet, with the largest topping at 1,560. Rents range from $1,395 to $2,540.
“Rockwall’s limited supply of new rental units and its strong demographics have been why these properties have performed so well,” Stuart Smith, chief operating officer at SWBC Real Estate, said in a statement, per the Dallas Business Journal.
Residents of Royalton at Discovery can enjoy amenities like a resort-style pool and cabana, a fitness center, and an outdoor gaming center. Smith says 93% of the complex is currently rented.
