Clarion Partners Fund Buys Metro Dallas Apartments from Southern Land
- Nov 24, 2015
Plano, Texas—Southern Land Co. has sold Junction 15, its five-story development in downtown Plano, a northern suburb of Dallas. The buyer was a commingled fund managed by New-York based real estate investment firm Clarion Partners, with the asset trading for an undisclosed amount.
Junction 15, which was completed in 2014, represents a public-private partnership between Southern Land Co. and the City of Plano, as part of a connected urban community. The development is close to Plano’s Old Town Square and Haggard Park, as well as several restaurants.
The mixed-use Junction 15 includes 279 apartments and 7,700 square feet of retail space anchored by a 7-Eleven. The property offers studios and one-, two- and three-bedroom units. The property also counts as transit-oriented, since it’s across the street from a Dallas Area Rapid Transit (DART) station.
Common amenities a resort-style pool, outdoor grilling stations and a 24-hour fitness center. Junction 15 also has a manicured courtyard with lounge areas and free WiFi, as well as a tree-lined walk that wraps around the property.
Nashville-based Southern Land Co. is no stranger to the Dallas-Fort Worth metroplex, with other projects in suburban Allen, Keller and McKinney. This summer, the company unveiled plans its fifth project in the region, a high-rise project on Oliver St. in the Knox neighborhood of Dallas. Construction on the 270-unit development is set to begin in the first quarter of 2016.