PLANO, TX- Sandhurst Apartment Management (“SAM”) has announced the purchase of 1201 Park Apartments, a 368-unit multi-family garden style apartment complex built in 1996 located in Plano, TX. The acquisition closed in January 2021.
1201 Park Apartments is situated in Plano, TX, a highly sought-after suburb of the Dallas-Fort Worth area. In conjuncture with Arch Investment Group, LLC of Dallas, SAM was able to access this off-market transaction which offered favorable purchase terms. The previous owner spent approximately $3.4 million on capital expenditures, leaving the asset free of future deferred maintenance, exterior and amenity capital needs. The property features a gorgeous resort-style pool, state-of-the-art fitness center, grilling pavilion, and more! Several unit interiors were recently updated to feature granite countertops, wood plank flooring, black appliances, new light fixtures, and fresh paint. SAM plans to continue the capital expenditure program on interior unit upgrades over the next several years, which will continue to increase our ROI.
Sandhurst Apartment Management is pleased to purchase its first asset in the state of Texas. With easy access to local highways, strong retail and dining presence and an abundance of high paying employment opportunities, 1201 Park is situated in an excellent suburb of Dallas. As Plano has a growing population base and strong employment growth in the technology and telecommunication fields, this acquisition proves to be consistent with our strategy of buying assets located in growing submarkets with strong demographics, excellent school systems and above-average economic growth.
ABOUT SANDHURST APARTMENT MANAGEMENT (“SAM”)
Sandhurst Apartment Management is a forward-thinking, time tested group that provides a wholly integrated package of property management services, including on-site asset management, construction supervision and due diligence. Our success is rooted in our thoroughly vetted, value-add property investments that provide high-quality rental apartments in good school zones with attentive, hands-on-property management. Sandhurst owns and manages assets in 10 states totaling +\- 11,000 units in excess of $1 Billon.