Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Presidio, a 202-unit multifamily asset in Allen, Texas, a high-growth northern Dallas suburb.
“Situated just off Interstate 75 and equidistant from President George Bush Turnpike and Sam Rayburn Tollway, Presidio benefits from convenient access to all points of the Metroplex and is less than one mile from Legacy Central, Plano’s newest mixed-use development,” said Taylor Hill, IPA senior vice president. “The Allen-McKinney submarket’s 22.8 percent rent growth in 2021 was the Metroplex’s highest, and Presidio has performed exceptionally well, averaging 97 percent occupancy in the trailing six months.” Hill and IPA’s Michael, Ware, Joey Tumminello, Drew Kile and Will Balthrope represented the seller, 37th Parallel Properties, and procured the buyer, a local private capital group. “Presidio’s strong position in the submarket and the opportunity to add value via unit enhancements attracted a strong pool of prospective buyers,” added Ware.
The property’s central location places it within the immediate vicinity of the Telecom Corridor, which contains over 25 million square feet of office space and accounts for more than 130,000 jobs. Raytheon Space and Airborne Systems, with over 12,000 employees, is less than 10 miles away. The 186-acre CityLine mixed-use development provides Presidio’s residents with a nearby, pedestrian-friendly environment that includes 2.5 million square feet of Class A office space and 231,000 square feet of dining and entertainment.
Built in 1986 on more than 10 acres, Presidio is a tw0-story garden-style asset with a recently renovated clubhouse, business center, playground and swimming pool. Apartments have individual climate control, wood-style flooring and a patio or balcony.
The average unit size is 993 square feet.
“IPA in Texas provides investors with a large inventory of high-quality multifamily investment opportunities in every market, offering local market research and sales expertise in Dallas-Fort Worth, Houston, Austin and San Antonio,” said Balthrope.
