4343 at the Parkway is a 240-unit multifamily property built in 1998. The property consists of 11 three story buildings and has 225,568 sf of net rentable area, with an average unit size of 940 sf. At time of acquisition the current average market rent per month was below the competitive set. The property had a history of low to mid 90s occupancy. By repositioning the property and doing value-add to the unit interiors we believed an above average return could be achieved. Our partner has a history of executing this strategy. Investment highlights are summarized below:
- Strong in-place yield with value-add potential via getting rents and occupancy up to market.
- Proven track record of upgrading units and moving rents to the market.
- Well maintained property with strong amenities.
- Epicenter of Dallas’ three most influential economic drivers; Legacy Business Park, City Line and Uptown.
- Strong location near two main highways (George Bush and the North Dallas Tollway.
- Strong historical occupancy.
- Employment growth corridor with high barriers to entry from multifamily.
- Exemplary rated school district, Plano ISD is ranked in the top 10% nationally.