spotlight on plano/allen/mckinney · spotlight on plano/allen/mckinney january 2019 market overview...
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© 2019 Greysteel / 1
Inventory Composition
SPOTLIGHT ON PLANO/ALLEN/MCKINNEYJANUARY 2019
Market Overview Rental Overview
TOYOTA NORTH AMERICA HEADQUARTERS - PLANO, TX
50%One Bedroom
6%Three Bedroom
41%Two Bedroom
11,485units of positive net absorption since 2014
2,187units under construction as of Q1 2019
Data courtesy of Greysteel Research, CoStar Realty Information, Inc. Survey includes multifamily properties greater than 10 units (62,470 units in aggregate). Fully affordable properties and the following asset types are excluded from the survey: senior, corporate, military and student.
2%Studio
$1,854
$1,395
$1,062
$1,020
3 BDR
2 BDR
1 BDR
Studio
$0 $500 $1,000 $1,500 $2,000
4.1%average annual effective rent growth since 2014
$1,269average asking rent per unit as of Q1 2019
Un
it Ty
pe
Average Market Rent Per Month
EXCLUSIVE LISTINGS
EIGHTY ONE EIGHTY
ROYAL PALMS
WILLOWICK APARTMENTS
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© 2019 Greysteel / 2
Rent Comparables JANUARY 2019
CONTINUE TO SALES COMPARABLESListed properties represent a small cross-sampling of the overall market. Data courtesy of CoStar Realty Information, Inc.
THE GRAND AT LEGACY WEST
Plano, TX
DAVIS AT THE SQUARE
McKinney, TX
THE LOFTS AT WATTERS CREEK
Allen, TX
COTTAGES AT TULANE
Plano, TX
HIDDEN CREEK Allen, TX
Property
Year Built 2016 2018 2009 1990 2006
Occupancy 91% 67% 90% 95% 93%
Rental Rates
Unit Type Per Unit Per SF Per Unit Per SF Per Unit Per SF Per Unit Per SF Per Unit Per SF
STUDIO $1,142 $2.21 $908 $2.17 — — — — — —
1 BDR $1,554 $2.04 $1,405 $1.68 $1,311 $1.59 $912 $1.45 $999 $1.35
2 BDR $1,116 $1.93 $1,947 $1.64 $1,928 $1.49 $1,264 $1.38 $1,440 $1.30
3 BDR — — — — $2,366 $1.56 — — $1,776 $1.28
Amenities
Balcony/Patio • • •
Ceiling Fans • • • • •
Dishwasher • • • • •
Fitness Center • • • • •
Pet-Friendly • • • • •
Pool • • • • •Premium
Countertops • • •
Premium Flooring • • •Stainless Steel
Appliances • • •
Walk-in Closets • • • • •
Washer/Dryer • • • • •
The report below features a sampling of properties located in Plano, Allen, and McKinney. Please note the different locations
and adjust comparisons accordingly.
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© 2019 Greysteel / 3
Recent SalesThe report below features a sampling of properties sold since March 2018 in the Plano, Allen, McKinney area. Please note that
different locations, amenity base, asset vintage, unit sizes and mixes, and other variables contribute to variances in sales metrics,
and adjustments to comparisons should be made accordingly. Also note that sales comparables provide a snapshot of recent
transactions and are not a perfect predictor of future market movement and behavior.
K AVENUE STATION1404 Vontress Street
Plano, TX
PRESIDIO APARTMENT HOMES
1500 S Jupiter RoadAllen, TX
RETREAT AT STONEBRIDGE RANCH1920 Grassmere Lane
McKinney, TX
AMBER VISTA1901 E 15th Street
Plano, TX
GREENHAVEN8690 Virginia Parkway
McKinney, TX
Property
Close Date December 2018 October 2018 September 2018 August 2018 March 2018
No. of Units 491 202 464 88 216
Year Built / Renovated 2001 1985 2008 / 2017 1970 2009
SellerOut-of-Market Real Estate
Investment FirmOut-of-Market Real Estate
Investment FirmOut-of-Market Real Estate
Investment FirmLocal Real Estate Investment Firm
Out-of-Market Real Estate Investment Firm
BuyerLocal Real Estate Investment Firm
Out-of-Market Real Estate Investment Firm
Local Real Estate Investment Firm
Local Real Estate Investment Firm
Out-of-Market Real Estate Investment Firm
JANUARY 2019
Listed properties represent a small cross-sampling of the overall market. Data courtesy of Greysteel Research, CoStar Realty Information, Inc. CONTINUE TO EXCLUSIVE LISTINGS
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© 2019 Greysteel / 4
Exclusive Listings JANUARY 2019
EIGHTY ONE EIGHTY 8180 Lemmon Avenue | Dallas, TX
WILLOWICK APARTMENTS 2323 Ridgmar Boulevard | Fort Worth, TX
ROYAL PALMS 5520 Gaston Avenue | Dallas, TX
Investment SummaryYear Built 1963
Units 54
Construction Wood Frame
Zoning BC
Total Rentable SF 44,896
Average Unit Size 831 SF
Occupancy 96.3%
Investment SummaryYear Built / Renovated 1959 / 2018
Units 23
Construction Stick Built
Zoning PLANNED DEVELOPMENTDISTRICT/Z239
Total Rentable SF 15,000
Occupancy 100%
• Complete renovation in 2014, transforming a unique asset in an unrivaled location
• Interior amenities include hardwood look floors, custom kitchens with granite countertops, stainless fixtures, and stackable washer/dryer in each unit
• Residents enjoy quick access to Love Field Airport, the Dallas North Tollway, Downtown, and the Medical District
• 8180 Lemmon is being offered free and clear of debt allowing investors to take advantage of new debt financing. Please contact a Greysteel Debt and Structured Finance team member.
• Originally built in 1959, this unique and one of a kind property underwent a complete renovation down to the studs in 2018
• Minutes from the most popular entertainment and shopping areas in Dallas of Knox/Henderson, Uptown and Lower Greenville
• Completely stabilized turn key asset with over $2.00/SF rents in place
• Built in 1963, this well maintained Property has many recent improvements including pool resurfacing, new hot water heaters, new boiler heater system, and new laundry room equipment
• Major value to be added by renovating units and pushing rents in comparison to similar neighboring properties
• Willowick is being offered free and clear of debt allowing investors to take advantage of new debt financing. Please contact a Greysteel Debt and Structured Finance team member.
Investment SummaryYear Built 1984
Units 13
Total Rentable SF 7,150
Occupancy (12/31/2018) 100.0%
Market Rent $1,050
Market Rent/SF $1.90
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© 2019 Greysteel / 5
SALES: FINANCE:
DFWINVESTMENT SALES DEBT & STRUCTURED FINANCE TRANSACTION SERVICES
Andrew MuellerSr. Investment Associate
John Marshall DossSr. Investment Associate
Mitt PatelFinance Associate
Ari Firoozabadi**CEO & President
Duerk BrewerChief Operating Officer
Yassi FarzanehDirector of Corporate Services
Andrew HansonSr. Investment Associate
Jack StoneInvestment Associate
Keeley ByerLead Research Analyst
Jessica TuckerGraphic Designer
Rebecca WileyDirector of Marketing
Scott SimonSr. Investment Associate
Madison WellsTransaction Coordinator
DALLAS10000 N. Central Expressway, Suite 750Dallas, TX 75231
P. 469.518.5040F. [email protected]
BOYAN RADICManaging [email protected]
DOUG BANERJEEManaging [email protected]
DANIEL HARTNETTSr. Finance [email protected]
FORT WORTH500 W. 7th Street, 9th FloorFort Worth, TX 76102
P. 817.406.3260F. [email protected]
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** For more information or to inquire about Greysteel, please contact Ari Firoozabadi, CEO & President ([email protected] | 202.417.3873)
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