We are pleased to announce the purchase of McDermott Place, a 324-unit family-style community in the Dallas suburb of Plano. This is a solid community with great infrastructure and complements our efforts to expand into Texas with Fund IV.
The Plano submarket is one of the strongest suburban submarkets in Dallas-Fort Worth. Strategically located 1 mile south of State Highway 121, equidistant between the Dallas North Tollway and I-75, McDermott Place offers residents immediate access to an abundance of neighboring retail and employment centers. Plano has earned a reputation as one of the most desirable places to live in Texas and the country.
Built in 1999, this 324-unit apartment community offers nine different large one, two and three-bedroom floor plans, which average 1,188 square feet, and192 garages. Amenities include a fully equipped fitness center, resort-style swimming pool and heated spa, resident clubhouse, executive business center and cybercafé’ with Wi-Fi, and a playground. The upgraded apartments feature stainless-steel appliances, updated cabinet fronts, laminate countertops, a subway tile backsplash, sheet vinyl flooring, and full-size washer and dryer in select units. 60% of the property features direct access attached garages. Classic units feature laminate countertops, white appliances, wood style flooring and carpet, and all units benefit from 9 ft. vaulted ceilings.
SRG will be enhancing previous renovations with quartz counters, undermount sinks with a new plumbing package, a fresh interior re-paint, and smart thermostats. The remaining “classic” units will be fully renovated. The interior renovation plan includes upgrading laminate countertops to modern quartz, adding a designer backsplash, upgrading cabinet fronts, kitchen finishes, and a modern lighting package. A bright interior paint scheme will further this modernization. Common area enhancements will include upgrades to the fitness center, pool and pool deck area, clubhouse, and the addition of a dog park.
The Sares Regis Property Management “SRAPT” (Sares Regis All Property Takeover)Team executed this takeover with special thanks to Ghada Riad, Stacey White, Nathan Weik, Patrick Coker, Andrew Ashworth, Miguel Hidalgo, and Gina Beason for aiding in a smooth and seamless transition.
William B. Montgomery
Chief Investment Officer