After recently acquiring a South Florida portfolio encompassing 492 units in a $106 million transaction, American Landmark Apartments, and its equity partner Electra America, has purchased Legends at Ridgeview Ranch, a 480-unit garden style community in Plano, Texas. Olympus Property sold the asset which was over 96 percent occupied at the time of the transaction. According to Yardi Matrix data, the sale was subject to a $55 million loan held by SunTrust Bank.
Located at 2300 Kathryn Lane, Legends at Ridgeview Ranch is very close to Sam Rayburn Tollway, providing easy access to downtown Dallas. Retail and dining venues are within a 5-minute drive and University of Texas at Dallas is also within 10 miles.
Completed in 1999, the one-, two-, and three-bedroom units of the asset average 1,021 square feet and are spread across 48 buildings. Community amenities include:
- two resort-style swimming pools
- two spas
- grilling stations
- 24-hour fitness center
- basketball court
- clubhouse
- business center
- dog park
- laundry facilities
American Landmark is planning to invest approximately $3.7 million in capital improvements including keyless locks, package locker system and washer/dryers in all units.
Image courtesy of American Landmark
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