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8/26/24
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TruAmerica Multifamily acquired Sheridan Park at Spring Creek Apartments, a 300-unit multifamily property located in Plano, one of Dallas/Fort Worth’s most desirable suburbs. The $50.3 mil purchase price, includes the building and associated property. The community was acquired in partnership with Spoke Real Estate Capital.
Located at 2001 E. Spring Creek Pkwy, Sheridan Park at Spring Creek Apartments consist of one-, two-, and three-bedroom apartment homes that feature wood burning fireplaces, private patios, washer/dryer connections and private backyards. With a spacious resident lounge, the pet-friendly community also includes a 24-hour fitness center and two pool areas.
The Shops at Legacy and the Legacy West shopping and dining district, both popular retail destinations, are easily accessible from the community, which is surrounded by numerous parks and recreational areas. The property is also located near major highways as well as DFW International Airport, the nation’s second busiest, and the University of Texas at Dallas.
The city of Plano boasts a diverse labor force of nearly 300,000 people and is home to a wide array of industries, including technology, finance, education, healthcare, retail, and corporate headquarters. The Dallas Fort Worth MSA led the nation in percentage gains based on job growth from November 2022 to November 2023, and economists expect the market to sustain that growth trajectory into 2025.
TruAmerica and the seller were represented by Greg Toro and Rob Key of JLL, while Brandon Smith and Annie Rice of JLL procured the debt for the buyer.
"Sheridan Park at Spring Creek is a valuable addition to our Texas portfolio due to its prime location in a community with strong demographics and a stellar school district,” said Ammanuel Metta, Managing Director of Acquisitions at Los Angeles-based TruAmerica. “DFW—and particularly Plano—thrive thanks to its expanding job market and exceptional quality of life."
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