Waterton, a national real estate investor and operator, announced it has acquired Mission Gate Apartments at 8025 Ohio Dr, Plano, TX. The 24-acre community includes 13 three-story residential buildings and a clubhouse.
“The value add potential at Mission Gate, combined with its proximity to over 100,000 jobs in the greater Dallas/Ft. Worth area made this a compelling addition to our portfolio,” said Jeremy Stern, vice president, acquisitions at Waterton in a statement. “With a number of the residences in need of updates, we believe our signature value add program will provide area residents with an attractive rental option in a submarket where many are priced out of home ownership.”
Built in 1999, Mission Gate is located within three miles of employment centers such as the 2,700-acre Legacy Center with 33 million square feet of office space and over 100,000 jobs, Hall Park with its proposed $2 billion redevelopment and the 90-acre Granite Park with 1.6 million square feet of office space and 150+ employers. The community is situated near the intersection of the Dallas North and Sam Rayburn Tollways which provide quick access to downtown Dallas and DFW International Airport, both within a 30-minute drive. Residents at Mission Gate also have access to the Frisco Independent School district.
The unit mix at Mission Gate consists of one-, two- and three-bedroom apartment homes with an average unit size of 965 square feet. Waterton plans to update the classic and partially renovated units to a finish level similar to that of the existing fully renovated units. Those residences will be upgraded with vinyl plank flooring throughout the wet areas and living areas, new carpet in bedrooms, stainless steel appliances, quartz countertops, new cabinet fronts, paint and pulls, lighting and plumbing fixtures,backsplash updates, in-unit washer/dryers and other cosmetic upgrades.
Residents at Mission Gate have access to a suite of amenities including a resort-style outdoor swimming pool, six landscaped courtyards with grilling stations, a dog park, playground and attached and detached 2 garages. The common area upgrades will provide a distinctive point of difference from other communities in the sub-market. Waterton will also renovate common areas and implement necessary maintenance on building and mechanical systems.
“Household and employment growth has outperformed all benchmarks in the area,” continued Stern. “Those factors, combined with a dearth of comparable product in the area were important considerations in our decision to expand our presence here. The supply pipeline has significantly slowed, with less than two percent of inventory under construction within five miles of Mission Gate and nothing in the pipeline within one mile.”