A family office client of Phillips Realty Capital (PRC), operating as The Generic Management, has partnered with CAF Capital Partners to jointly purchase a five-story, 459-unit, class A apartment building in Plano, Texas.
The acquisition was financed by a combination of 1031 exchange proceeds from a data center land sale in June and a $63,247,000 Freddie Mac loan.
The data center land disposition and joint venture apartment acquisition were advised by a team at Phillips Realty Capital led by Adam Bieber and
William Lawson. The team also structured and sourced the agency debt financing.
Evoke is located at 1025 Preston Road in Plano, offering studio, one-, two- and three-bedroom units with superb finishes and desired amenities such as a hammock courtyard, indoor/outdoor lounge, state-of-the-art TechnoGym and spin studio, catering kitchen, car wash station, 24-hour emergency maintenance, dog park and spa, and a resort-style swimming pool with a rain curtain.
