Capstone Equity & Structure Finance is pleased to
present a Joint Venture opportunity for the acquisition of Collin Creek
Apartments, a 314-unit value-add multi-family property located in Plano,
Texas. Originally constructed in 1988, Collin Creek Apartments offers an abundance of high-end amenities and attractive floorplans with 9-foot or vaulted ceilings giving it the feel of a newer vintage community. The property has been
professionally managed and well maintained over the past five years, leaving
minimal deferred maintenance. However, current interior renovations are
relatively minimal in scope and do not sufficiently reflect the asset's true
potential, providing significant value-add upside for incoming investors.
Despite minimal or no renovations to units on turns, the property experienced
21% organic rent growth over the past 12 months, with lease trade-outs
exceeding 20% on new leases & 19% on renewals. Collin
Creek is located in the coveted Plano Independent School District, which consistently
ranks in the top 10% in the state of Texas. In 2021, U.S. News and World
Report also named Plano as the #10 Best Place to Find a Job in the U.S.
The property is just 1 mile from the $1 billion renovation of the
Collin Creek Mall, which will transform the mall into a pedestrian-friendly
mixed-use project that will provide excellent live, work, play amenities for
area residents to enjoy.