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Allen, Texas Apartment Asset Picked Up by Staples Investment Properties
37th Parallel Properties has sold Presidio, a 202-unit community in Allen, Texas. Institutional Property Advisors worked on behalf of the seller and procured the buyer, Staples Investment Properties. UBS Bank provided a $28 million acquisition loan for the deal.
Located at 1500 South Jupiter Road in the northern part of metro Dallas, the garden-style community dates back to 1986. Presidio is less than 3 miles away from Legacy Central, a newly constructed mixed-use development in Plano, Texas.
Standing on more than 10 acres, the community features one and two-bedroom floorplans, with units averaging out at 993 square feet. Common-area amenities include a clubhouse, business center, playground, tennis court and fitness center. In-unit amenities consist of patios or balconies, washers, dryers and fireplaces available in select units.
The IPA team involved in the deal included Will Balthrope, Drew Kile, and Taylor Hill, Michael Ware and Joey Tumminello.
- ◦Sale/Acquisition
