PLANO--Southern Land Co. has sold its five-story urban development Junction 15, located in historic downtown Plano, to a commingled fund managed by New-York based real estate investment firm Clarion Partners LLC for an undisclosed amount.

"We are proud of all we have accomplished with Junction 15 and the success this development has seen as a mixed-used, luxury apartment community with its big convenience and vintage charm," Southern Land CEO Tim Downey told GlobeSt.com. "With the new ownership by Clarion Partners, we at Southern Land have no doubt Junction 15 will continue to cater to its residents and enhance the revitalization efforts of the downtown Plano area like it has from the beginning."

Junction 15, which opened in 2014, represents a public-private partnership between Southern Land Co. and the City of Plano. In cooperation with city officials' long-term goals, Junction 15 is part of a connected urban community. The development is close to Plano's Old Town Square and Haggard Park, as well as several award-winning restaurants.