Allied Orion to Manage Upscale Dallas Community
- Jul 26, 2016
Dallas—Allied Orion Group was recently selected to manage Provenza at Windhaven in Lewisville, Texas, a 324-unit, Class A property situated 30 minutes north of downtown Dallas.
Provenza at Windhaven—formerly known as Parkside Windhaven—was built in 2015. The community is located at 4900 Windhaven Parkway, in master-planned Castle Hills, an amenity-rich area just off the Sam Rayburn Tollway and south of The Colony. Also close to the North Dallas Tollway, the property offers quick commuting access to major employers, including Toyota, FedEx, JPMorgan Chase and Fannie Mae. Within a 20-minute ride from the DFW Airport, Provenza at Windhaven is also close to several major retail centers: The Shops at Willow Bend, The Shops at Legacy, The Stonebriar Center and Galleria Dallas.
According to Yardi Matrix, Miami-based Momentum Real Estate Partners recently acquired the property from Oden Hughes for an estimated $46 million, the sale being subject to a 10-year loan of $34.5 million held by USAA. The property’s $23 million construction loan, secured in late-2013, was funded by Compass Bank.
Provenza at Windhaven encompasses 204 one-, 114 two- and six three-bedroom units with floor plans ranging between 648 and 1,722 square feet. With a current occupancy rate of approximately 96 percent, the community offers a fitness center, business center, clubhouse, swimming pool, 486 parking spots, washer and dryer in all units, private courtyards and dog park. The 18-building property sits on a 16.3-acre lot.
“We chose Allied Orion Group to manage Provenza at Windhaven because of their established presence and thorough knowledge of the DFW property management market, as well as their partner-style management and willingness to do whatever it takes to ensure the success of our asset,” Santiago Peredo, assistant VP of Momentum Real Estate Partners, said in a prepared statement.
Houston-headquartered Allied Orion Group has a current portfolio of over 110 properties spread over 45 cities and adding up to roughly 20,000 units.
Image courtesy of Yardi Matrix