A Chicago-based investor that’s been buying North Texas apartments has purchased another rental community — this time in Plano.
Investor Waterton bought the 434-unit Mission Gate Apartments at 8025 Ohio Drive near Preston Road. The 13-building apartment project was built in 1999 and is near major employment centers in West Plano and Frisco.
“The value add potential at Mission Gate, combined with its proximity to over 100,000 jobs in the greater Dallas-Fort Worth area, made this a compelling addition to our portfolio,” Waterton vice president Jeremy Stern said in a statement. “With a number of the residences in need of updates, we believe our signature value add program will provide area residents with an attractive rental option in a submarket where many are priced out of homeownership.”
The new owner plans to make improvements to the rental units and upgrades to common areas.
Waterton officials say the area surrounding Mission Gate has seen a slowdown in apartment additions.
“The supply pipeline has significantly slowed, with less than 2% of inventory under construction within five miles of Mission Gate and nothing in the pipeline within one mile,” Stern said.
Waterton owns $9.3 billion in real estate assets nationwide.
The just-completed Plano purchase follows Waterton’s 2021 acquisition of the 400-unit Alta Strand apartment community on Market Center Boulevard in Dallas’ Design District.
In recent years, Waterton has also purchased the Mockingbird Flats near Southern Methodist University and the Southside Flats just south of downtown Dallas.
The investor has additional rental properties in Plano and Far North Dallas.
The D-FW area has recently led the country in apartment investments, with more than $29 billion in North Texas properties traded in the last year.
