37th Parallel Sells North Dallas Asset

2 min read

UBS Bank provided a $28 million acquisition loan for the deal.

Presidio
Presidio. Image courtesy of Institutional Property Advisors

37th Parallel Properties has sold Presidio, a 202-unit community in Allen, Texas. Marcus & Millichap‘s Institutional Property Advisors worked on behalf of the seller and procured the buyer, identified by Yardi Matrix as 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 within easy reach of Interstate 75 and in proximity of the Telecom Corridor tech business center. CityLine, a 186-acre mixed-use development in Richardson, Texas, is 7.5 miles south of the property, offering Class A office space, dining options and entertainment venues. Presidio is also less than 3 miles away from a newly constructed mixed-use development in Plano, Texas, dubbed Legacy Central.

Standing on more than 10 acres, the community features one- and two-bedroom floorplans, with units averaging 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 Executive Managing Director of Investments Will Balthrope, Senior Managing Director of Investments Drew Kile, and Senior Vice Presidents of Investments Taylor Hill, Michael Ware and Joey Tumminello.

Growth opportunities in the Dallas market

The Dallas metro has been benefiting from the multifamily market’s record-high rent growth in the past 12 months. The Allen-McKinney submarket registered 22.8 percent rent growth in 2021—the metroplex’s highest—stated Hill in prepared remarks. Presidio’s performance also stood out, averaging 97 percent occupancy on a trailing six-months basis, he added.

North Texas remains one of the country’s most attractive markets for residential investors. Dallas recorded nearly $6.6 billion in multifamily transactions in the first six months of the year. The metro also has the country’s largest multifamily pipeline, with 44,595 apartments under construction as of March.

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