Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Fountains at Steeplechase, a 368-unit multifamily asset in Plano, Texas.
“Located in one of the fastest-growing cities in the country, Fountains at Steeplechase has historically demonstrated exceptional performance,” said Drew Kile, IPA senior managing director. Kile and IPA’s Will Balthrope, Joey Tumminello, Grant Raymond, along with Bard Hoover and Nick Fluellen in Marcus & Millichap’s Dallas office, represented the seller, Hamilton Zanze, and procured the buyer, Bridge Partners. “The limited number of 80s-vintage product in Plano made this a highly sought-after asset,” added Tumminello. “Value-add multifamily in North Dallas is challenging to find at this point of the market cycle and the results of the marketing process for like-kind product are garnering record activity levels, despite the challenges caused by COVID-19.”
Fountains at Steeplechase is located near U.S. Highway 75, less than 15 minutes from 25 million square feet of office space and 130,000 jobs along the Telecom Corridor. Watters Creek at Montgomery Farms’ 1.1 million square feet of retail, office and dining options is close by and the Legacy Central redevelopment project on the former Texas Instruments campus is a mile away. Major employers near Fountains at Steeplechase include Liberty Mutual, JPMorgan Chase, Toyota, JCPenney and Frito-Lay, among many others.
“The asset has benefitted from a partial interior value-add program in a few select units,” noted Hoover. “The new owner has the opportunity to implement a premier unit enhancement program throughout the entire property that will create a significant increase in revenue.” Constructed in 1984 on 23 acres, the property has two swimming pools, a fitness center and a clubhouse with a cybercafé. The average unit size is 857 square feet.
“Our coverage in Dallas/Fort Worth and the surrounding suburbs, along with all major metros throughout Texas, is accomplished by one team, which contributed greatly to the successful completion of this transaction,” added Balthrope.
