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DFW MULTIFAMILY
MARCH 2020
COVID-19 UPDATE
On behalf of the entire Greystone ISG team, we hope you, your family and loved ones are healthy and safe considering the coronavirus (COVID-19) outbreak.
As we carefully monitor the developments, we are writing to share information on the impact on current business operations and the market.
VIRTUAL PROPERTY TOURSOne of the most effective mitigation techniques recommended by the Centers for Disease Control and Prevention (CDC) is social distancing. With that in mind, the Greystone ISG team will be offering virtual, in-lieu of in-person, tours.
Our team will send out virtual tour dates when available, however, please feel free to reach out to the listing broker for a property of interest to inquire about other virtual tour availability.
MARKET UPDATESPlease visit www.greystoneisg.com to hear about the latest developments directly from the agencies (Fannie, Freddie, HUD), operators, and third-party service providers. Please also reach out to any of our advisors for updates and to share thoughts, questions, and concerns.
WEST PLANO
WEST PLANO SUBMARKET OVERVIEW
The West Plano submarket is located immediately north of the George Bush Turnpike, between Highway 75 and the Dallas North Tollway. With its’ central location and close-proximity to both Dallas and Frisco, as well as the DFW International Airport,, West Plano is a popular location for multifamily properties. The submarket consists of 45 properties and over 13,000 units. Average rents exceeded $1,400 in January 2020. This represents a 4.8% Y-o-Y change, however that did impact occupancy rates slightly which fell by 0.3% in the previous 12 months. West Plano has not seen any inventory growth since 2017 however there are 3 properties under construction which will add 981 units in 2020. Additionally, the Collin Creek planned property will add an additional 2,300 units in 2021 and beyond should it proceed to completion. At this point the Collin Creek property is only in the planning stages.
In 2019 there were only 3 sales. Two of those properties were built in the 1970’s and sold for an average of $105,000/unit and the other property was a senior housing property built in 2016 which sold for $298,000/unit. On average, 6 properties (13% of the properties in this submarket) trade each year.
RENT GROWTH | WEST PLANO
West Plano has continued to be a strong DFW submarket for rental growth, ranking 21st out of 114 Submarkets in Texas. With overall inventory growth 0% in 2019 and only 5% in 2020, rent growth is projected to continue to outpace the overall market.
RECENT CLOSINGS
Overture Plano500 Coit Rd
Aspire Independence1717 Independence Pkwy
Aspire TownBluff2821 Townbluff Dr
OCCUPANCY TRENDS
CONTACT USGet in touch for inquiries, feedback or a complementary valuation of your property.
Jeff BurgfechtelAssociate Director(972) 619-5007(715) 505-1200 [email protected]
DFW MULTIFAMILY
MARCH 2020
WEST PLANO
SALES HISTORY
$143Kaverage unit price
452properties
13,139units
SUBMARKET INVENTORY
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West Plano saw 3 properties trade with an average price of $169K/unit. The properties were built between 1978 and 2016 and totaled 537 units with properties ranging in size between 160 and 208 units. Price per foot ranged between $126 and $308.
Our multifamily team of expertsand advisory service platformdistinctively blends ourunparalleled brokerageknowledge and experience withGreystone’s extensive capitalsourcing capabilities.
This powerful combination offersclients a consistent and highlyefficient execution process duringacquisition, disposition andrefinancing.
Why Choose Greystone for yourmultifamily financing needs?With over 30 years of real estatelending as its core business,
Greystone brings expertise,knowledge and creativity to theloan process.
Greystone’s national team ofprofessionals has built strong,collaborative relationships withFannie Mae, Freddie Mac, and theUS Department of Housing andUrban Development enablingthem to move quickly to helpclients achieve their financingneeds and avoid costly delays.
Learn more about how ourcomprehensive services can helpyou meet your investment goals.
Greystone | Investment Sales GroupOne team for all your multifamily investment needs.
R. JEFFREY BURGFECHTEL
Associate Director | (972) 619-5007 | [email protected]
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