JLL Income Property Trust Buys Upscale Dallas Asset
- Jun 12, 2018
JLL Income Property Trust has acquired the Villas at Legacy, a 328-unit community in Plano, Texas. Crow Holdings sold the property, according to Yardi Matrix. The apartments are in Dallas’ Platinum Corridor, within Legacy Business Park.
Villas at Legacy was completed in 1999 and is located at 5301 W. Spring Creek Parkway. It comprises 159 one-bedroom, 144 two-bedroom and 25 three-bedroom units, ranging from 803 to 1,607 square feet. Common-area amenities include a fitness center, business center, clubhouse, swimming pool, spa and 1,000 grade-level parking spaces.
“The acquisition of Villas at Legacy further supports our investment strategy targeting well-positioned suburban markets with highly rated schools and strong market fundamentals and demographics. This investment brings our aggregate apartment allocation to nearly $650 million, with over 2,500 apartment units, representing just over a quarter of our $2.6 billion, 69-property portfolio,” said Allan Swaringen, president & CEO of JLL Income Property Trust, in a prepared statement.
The garden-style community is situated within a 2,665-acre, master-planned project which employs around 100,000 people. Multiple large companies, such as American Airlines, AT&T, Exxon Mobil or Texas Instruments, are located nearby. According to Yardi Matrix, the median household income in a three-mile radius is around $93,869. The Lakeside Market shopping mall offers multiple retail and dining options, while the Plano Independent School District is ranked among the best in the U.S.
Image courtesy of JLL Income Property Trust