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|Building Area Net||
|Number of units||212|
Jones Lang LaSalle Americas. Inc. or its state-licensed affiliate has been exclusively retained to offer an opportunity for qualified investors to purchase the fee simple interest in Alta Preston (the “Property”) a luxurious institutional Class “A” asset located in Plano, TX. Built in 2021, the 212-unit Property is strategically located less than one mile from the Dallas North Tollway and the SH-121 confluence offering residents immediate access to an abundance of neighboring retail and employment centers including Legacy West, which is experiencing tremendous growth due to some of the nation’s highest profile corporate relocations.
Institutional, Trophy Asset with Custom Home Feel – Alta Preston is a unique Class “A” asset that has been carefully designed to be the premiere mid-rise community in the bustling Legacy area. Developed by Wood Partners, the Property boasts unparalleled interior finishes that are comparable to affluent “Uptown and Downtown” Dallas product, while the community amenity package rivals a boutique hotel.
Strong Lease Up with Minimal New Supply – The Property has experienced a strong performance throughout lease up, demonstrated by averaging a pace of 39 leases per month over the last 4 months. Concessions have decreased from one month free on all units at the beginning of lease up to currently only 2-weeks free on 1BRs and studios. The West Plano area has extremely limited supply with only 134 available units in lease up and no new construction.
Distinguished Corporate Location – Alta Preston is in prime position to capitalize on the tremendous momentum that is being generated from Legacy Business Park as the Property is surrounded by several major employment centers and corporate that will create tremendous demand for multifamily product in the area.
Robust Population Growth in a Highly Affluent area – The West Plano submarket has seen unparalleled growth and development over the past decade, and the area boasts one of the strongest suburban demographic bases in the Dallas/Fort Worth Metroplex. Furthermore, the average home price in the immediate area and lack of available supply makes renting very appealing.
Prestigious School District – Alta Preston is a highly attractive community for families that want to be in a nationally acclaimed school district as the Property is served by Frisco ISD, which is ranked as the 7th best school district in Texas and is ranked in the top 1% nationwide according to Niche. In addition, every school that Alta Preston feeds into is ranked in the top 5% in the state.
Distinguished Retail Corridor – Alta Preston is surrounded by several distinguished retail destinations the Shops at Legacy, Legacy West Urban, Stonebriar Centre, and The Star.