Hamilton Zanze has sold Fountains at Steeplechase, a 368-unit multifamily asset in Plano, Texas.
The financial terms were not disclosed. The new owner is Bridge Partners.
“Located in one of the fastest-growing cities in the country, Fountains at Steeplechase has historically demonstrated exceptional performance,” said Drew Kile, Institutional Property Advisors (IPA) senior managing director, who represented the seller and procured the buyer.
Joey Tumminello of IPA, added, “The limited number of ’80s-vintage product in Plano made this a highly sought-after asset. Value-add multifamily in North Dallas is challenging to find at this point of the market cycle, and the results of the marketing process for like-kind product are garnering record activity levels, despite the challenges caused by COVID-19.”
Fountains at Steeplechase is located near U.S. Highway 75, less than 15 minutes from 25 million square feet of office space and 130,000 jobs along t
