Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI) dedicated to serving the company’s institutional clients, announced the sale of Horizon at Premier, a 122-unit built-to-rent (BTR) multifamily asset in Plano, Texas.
“Built-to-rent has outperformed much of the multifamily sector recently, and infill locations like Horizon at Premier are a big reason why,” said Joey Tumminello, IPA senior managing director investments. “This asset combines BTR’s superior growth trajectory with a true infill position inside one of North Dallas’s tightest employment corridors; a rare pairing that’s driving outsized investor demand as the rent-versus-own gap continues to widen.” Tumminello, Michael Ware, Drew Kile, Taylor Hill, and Jack Windham of IPA represented the seller and procured the buyer, Invesco Real Estate.
The property’s location one block from U.S. Route 75, near President George Bush Turnpike and Sam Rayburn Tollway connects residents to employment and entertainment in the Telecom Corridor, CityLine Market, and Legacy Central. Major employers close by include the Dr Pepper Snapple Group, Capital One Auto Finance, and Children’s Medical City Plano. Historic Downtown Plano, home to Haggard Park, McCall Plaza, the Courtyard Theater, and the Plano Events Center are within a short drive.
Completed in 2017 on nearly 11 acres, Horizon at Premier is a gated residential community with detached homes, a resort-style swimming pool and spa, 24-hour fitness center, and walking paths. Homes have 10-foot ceilings, washers and dryers, and private backyards with patios. The average unit size is 996 square feet.
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offers customized solutions for the acquisition, disposition and financing of institutional properties and portfolios.
