Fri, 15/03/2019 - 08:04
StarPoint Properties has acquired Legends at Chase Oaks, a 346-unit Class A multifamily community in the high-growth city of Plano, Texas.
Will Balthrope, Drew Kile, Joey Tumminello, and Grant Raymond of Institutional Property Advisors represented the seller. The purchase price is confidential.
Built in 1997, the Legends at Chase Oaks consists of 32 two-storey buildings spread across 34.7 acres and is surrounded by a golf course near the intersection of US Highway 75 and Legacy Drive. The property comprises 51 per cent one-bedroom units, 43 per cent two-bedroom units, and 6 per cent three-bedroom units. Community amenities include a clubhouse, business centre, resort-style pool, BBQ grills, dynamic fitness centre containing a Wellbeats virtual fitness studio, playground, and dog park. Sixty-eight per cent of the units feature direct-access garages. The property feeds into the prestigious and highly sought-after Plano Independent School District.
Collin County, and Plano in particular, has seen tremendous population and economic expansion in the past five years. Legends at Chase Oaks is situated less than a mile from Legacy Central, a USD300 million, 85-acre mixed-use project that will house thousands of employees from Samsung Electronics and exercise equipment manufacturer Peloton. Five miles south of the property in Richardson, Texas is the CityLine development, which features State Farm’s new 2 million-square-foot regional hub with the capacity to accommodate up to 10,000 employees. About seven miles west of the property in Plano are the Legacy and Granite business parks, home to 82,000 employees and is the national or regional headquarters for major corporations such as Toyota, Liberty Mutual, JPMorgan Chase, Fannie Mae, FedEx Office, JC Penney, Frito-Lay, Keurig Dr Pepper, and PepsiCo.
“We acquired a best-in-class asset in a market with excellent demographics, top-notch schools, and sustained economic growth,” says StarPoint CEO Paul Daneshrad. “The golf course views, direct-access garages, and nine-foot ceilings in conjunction with the interior renovations we have planned will cement the property’s status as the premier asset in the submarket.”
Legends at Chase Oaks marks StarPoint’s fifth property closed in Texas. StarPoint also owns an office building in Fort Worth and a retail centre in Austin. StarPoint is hoping this acquisition is the first of many. It intends to grow its multifamily portfolio to more than 1,000 units in the Dallas-Fort Worth area over the next 12 months.
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