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Mission Residential Wins 480-Unit Class B Chase

PLANO, TX-The buyer pays roughly $25 million for Lodgetree, beating two dozen offers for the deed. The play opens with a name change as plans are finalized for a renovation.

By Connie Gore | Updated on December 18, 2007

[IMGCAP(1)]PLANO, TX-Austin-based Mission Residential has bested two dozen would-be buyers circling the 480-unit Lodgetree in West Plano. Sources say the winning bid just topped $25 million for a class B asset with a historically high occupancy.

With the deed in hand, the new owner has renamed the 27.7-acre complex at 3400 Park Blvd. to Mission Park Green. The takeover will include renovations inside and out, but on a paced plan. “We’re going to maximize the return on our dollars. Given our window is more long term, I don’t have to maximize rents to meet pro forma to turn it around and flip it,” David A. Wieland, the investment group’s managing principal, tells GlobeSt.com. Historically, the buyer structures a seven- to 10-year hold.

Wieland says the complex’s location “dead center in the middle of Plano,” across from the new high school and a stone’s throw from the medical center underwrote the aggressive play to win the deal. “And, there’s no new development coming any time soon,” he quickly points out.

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