Silverado Apartments is a 332-unit community located in the north Dallas suburb of Frisco. Built in 2000, the community consists of 22 two- and three-story buildings of wood frame, on-grade construction. Resident amenities include a swimming pool, fitness center, resident clubhouse, a sports court, picnic area with barbecue grills, and a business center. The property offers one, two and three-bedroom floorplans, some of which include an attached or detached garage. Residents also enjoy central air conditioning, private patios or balconies, wood-burning fireplaces, oversized walk-in closets, vinyl plank flooring and washer/dryers.
Silverado is located within 4 miles of Legacy West, Legacy Business Park, Hall Office Park, Granite Park, and the “Five Billion Dollar Mile” — a one mile stretch along the Dallas North Tollway, expected to comprise four mixed-use developments. This hive of construction activity has been in progress for the last couple of years, yielding great benefits for the area and firmly marking Frisco as a destination point. The Platinum Corridor has enticed Toyota, J.P. Morgan, Boeing, FedEx, Liberty Mutual, Fannie Mae, and most recently the PGA of America to the area to join the long-standing corporate locations of JC Penney, Frito Lay, and Keurig/Dr. Pepper.
Silverado’s residents will also benefit from two of DFW’s most prestigious retail centers. Legacy West has over 30 upscale retailers, and Stonebriar Centre Mall features over 1.6-million-square feet of retail, an AMC Theatre, and soon an 18-story Hyatt Regency. Entertainment venues in the immediate area include Toyota Stadium, home of FC Dallas, and Dr. Pepper Ballpark, home of the AA Texas Rangers affiliate Rough Riders.
Silverado is a great opportunity to take a well-located asset with great bones and some deferred maintenance and perform our value-add improvement magic to provide an improved upscale lifestyle at a continued affordable price point. We purchased the asset from a private capital group seeking to exit the Texas market.
Adding Texas to the Fund III portfolio is a precursor to our future growth plans for new markets in Fund IV. As the Fund grows in size and geographic focus, we felt Texas was a central point of focus and, as all the news reports, a market full of growth, demand, and opportunity for jobs and for apartment owners.
We believe Silverado is a great keystone to augment our future portfolio construction going forward. I would like to congratulate and thank all those who have helped us get to this point and especially those who worked diligently through the process to this result.
William B. Montgomery
Chief Investment Officer