PLANO, Texas, March 20, 2019 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Legends at Chase Oaks, a 346-unit garden-style multifamily property in Plano, Texas.
“Built in 1997, Legends at Chase Oaks is a low-density apartment community in a high-barrier-to-entry location,” said Will Balthrope, IPA executive director. “With this acquisition, new ownership has the opportunity to increase revenue by continuing and expanding the unit enhancement program started by the previous owner.”
Balthrope, Drew Kile, IPA senior director, Joey Tumminello, IPA director, Giuseppe Thum, IPA associate, and Grant Raymond of IPA represented the seller, The Praedium Group, and procured the buyer, StarPoint Properties.
“The Dallas/Fort Worth multifamily market continues to fare better than many other major metropolitan cities throughout the United States and Central/East Plano is one of the Metroplex’s most stable submarkets,” added Kile.
Legends at Chase Oaks is located on Legacy Drive, which connects the community to two major adjacent urban lifestyle centers: Legacy West and The Shops at Legacy. Downtown Dallas and the Telecom Corridor, which contains over 25 million square feet of office space and accounts for over 130,000 jobs, are nearby.
“The property offers unique attributes that cannot be replicated in today’s market, such as 68 percent direct-access garages and only 10 units per acre,” commented Tumminello. “Going forward, municipalities in North Dallas prefer high- density development, which gives Legends at Chase Oaks a long-term competitive advantage.”
Legends at Chase Oaks has 234 direct-access garages, a recently renovated clubhouse, and a resort-style pool. Approximately 20 percent of the units have views of the newly redesigned The Course at Watters Creek golf course.