Generic Management, CAF Capital Buy Plano Property for $63M

Phillips Realty Capital advised the partnership on its acquisition of the 459-unit EVOKE.

A joint venture between family office The Generic Management and CAF Capital Partners has acquired EVOKE, a Class A apartment community in the Dallas suburb of Plano, Texas. Phillips Realty Capital advised the JV on the $63 million acquisition. Earlier this week, a portfolio of five Dallas-area properties changed hands.

The property located at 1025 Preston Road comprises 459 units. The purchase was financed by a Freddie Mac loan and 1031 exchange proceeds from a data center land sale.

EVOKE features studio, one-, two- and three-bedroom apartments with features that include electronic security entry, 9- to 12-foot ceiling heights, large closets with custom shelving, open concept living spaces and oversized soaking tubs. Common-area amenities include a hammock courtyard.

Large employment centers

EVOKE’s location puts its residents near a number of the most significant job hubs in North Texas. The community offers convenient access to the President George Bush Turnpike and the Dallas North Tollway, meaning EVOKE residents are minutes from employment centers that include Legacy Center, CityLine, Addison, and DFW Airport.

The apartment community is located within 17 minutes of a trio of universities and colleges. Retail centers Preston & Plano Parkway Shopping Center and Preston Plaza are located within eight and 11 minutes of the community, respectively. Several parks and recreational amenities are located nearby. They include Environmental Education Center, Heritage Farmstead Museum, Beckert Park, Arbor Hills Nature Preserve and Heights Park. Dallas Love Field and Dallas-Fort Worth International Airport are 27 and 29 minutes away respectively.