AEW Buys Dallas-Area Luxury Community
The property is within a $1.8 billion mixed-use development.
AEW Capital Management has acquired The Casey, a 300-unit luxury property in Frisco, Texas, from Hillwood Communities, according to Yardi Matrix data.
Hillwood brought the community online early last year, after securing a $51.3 million construction note in 2021, the same source reveals. Comerica Bank originated the debt.
The JHP Architecture-designed property comprises studio, one- and two-bedroom layouts averaging 902 square feet. Rising five stories, The Casey features coworking spaces, a gym, conference rooms, as well as a swimming pool, among other amenities.
Located at 4250 Gridiron Road, the community is about 25 miles north of downtown Dallas. Thoroughfares such as Preston Road and Sam Rayburn Tollway run within roughly 4 miles, connecting to the greater Metroplex region. A 1 million-square-foot retail center is about 3 miles away.
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The Casey is part of the $1.8 billion, 242-acre mixed-use development Frisco Station, built by Hillwood, VanTrust and The Rudman Partnership. At completion, it will comprise 2,400 multifamily units and 3 million square feet of office space. Plans also call for medical outpatient buildings and retail space.
Metroplex investment skyrockets
Tariff uncertainties didn’t stop investors from betting on Dallas-Fort Worth, as unit sales skyrocketed 129 percent during the first five months of the year compared to the same period in 2024, according to Yardi Matrix data. Some 23,400 apartments traded for a total multifamily transaction volume of $1.6 billion year-to-date through May.
Frisco—which is one of the fastest-growing cities with a population spike of 17.3 percent between 2020 and 2024, according to the U.S. Census Bureau—has likewise garnered heightened investor attention. The submarket saw the trade of more than 1,300 units during the first five months, while there were no transactions of 50-plus unit assets during the same interval last year, Yardi Matrix data shows.
In February, AvalonBay entered two separate contracts to pay $618.5 million for eight Texas properties. BSR agreed to sell the assets, two of them located in Frisco. Last month, CONAM—through one of its investment vehicles—purchased a 325-unit property also in the same submarket, from Hampshire Properties.
