Rockwall Project Breaks Ground as D-FW’s Multifamily Boom Gets to Cooling
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A new apartment community in Rockwall is officially underway near Lake Ray Hubbard, with developers pushing ahead as D-FW continues working through a significant wave of multifamily construction.
LMF Construction and Realty Investments have just broken ground on Rockwall Harbor Residences, a 176-unit Class A multifamily project sited in Rockwall’s Harbor District. The four-story development will span 159,280 square feet across three acres.
“The construction market has continued to stabilize, creating opportunities for developers to move quality projects forward with more predictable pricing,” LMF Construction president Derek Deckard, according to a press release.
Rockwall Harbor Residences is breaking ground at an interesting time for the North Texas multifamily market. D-FW is still contending with elevated levels of new supply, which has put downward pressure on rents and occupancy. Average advertised asking rents across the Metroplex stood at $1,524 in May, down 1.6% from a year earlier, according to the latest D-FW multifamily market report by Yardi Matrix.
There are signs that the development pipeline is beginning to cool, though it remains substantial. Developers delivered 7,962 apartments across D-FW through May, while another 45,498 units remained under construction. Multifamily starts were down 7.8% from the same period last year, potentially pointing toward less supply pressure down the road.
Beginning construction now will put Rockwall Harbor Residences in a different position than developments that entered the pipeline during the height of North Texas’ apartment-building boom. While plenty of new units are still on the way, the slowdown in starts could mean less competition from newly delivered properties.
“Rockwall Harbor Residences represents the kind of project we’re focused on,” Realty Investments founder and partner Asher Hamilton said. “It’s well-located, thoughtfully designed, and built for long-term value.”
A construction timeline and anticipated opening date for Rockwall Harbor Residences were not disclosed in the press release.
The project marks the second collaboration between Texas-based LMF and Realty Investments, a private real estate firm active across the southern United States. The companies now have more than 500 residential units delivered or underway through their partnership.
“We’re proud to continue our partnership with Realty Investments and Design Balance on another strong project and deliver a high-quality community in a location like this,” Deckard said.
Rockwall-based Design Balance is handling architecture, while LMF Construction is serving as general contractor. The project is being financed through the U.S. Department of Housing and Urban Development.
