Legends at Ridgeview is located near major transit routes and employment opportunities.

PLANO, TX—The Dallas-Irving-Plano metro area added 91,000 new jobs between August 2017 and August 2018, according to the Texas Bureau of Labor Statistics, a 3.6% increase year-over-year. As a result of this demand, increasing investor interest is gravitating to the metroplex and the Southwest region in general.

One example is multifamily owner-operator American Landmark and its equity partner Electra America, which continue to selectively acquire properties in locations across the Southeast and Southwest. The company has completed 22 property acquisitions worth $1.4 billion since the beginning of 2018, adding 9,242 apartment units to its portfolio.

American Landmark recently acquired Legends at Ridgeview Ranch, a 480-unit garden style asset for an undisclosed purchase price, its third acquisition in the Dallas metro area. The community was more than 96% occupied at the time of sale.

The property will undergo approximately $3.675 million in capital improvements. Plans include granite countertops, tile backsplash, new cabinet faces and hardware, two-inch blinds, kitchen faucet upgrades, enhanced and expanded gym, package locker system, washers/dryers in all units, and keyless locks.

“The Dallas metro area economy continues to expand at a remarkable rate, with over 116,000 jobs added since August 2017,” said Christine DeFilippis, chief investment officer of American Landmark. “Demand easily exceeds new supply coming online, thanks to newly formed households and great job numbers.”

Legends at Ridgeview Ranch was built in 1999. One-, two- and three-bedroom units offer ceiling fans, alarm, double vanities, fireplace, framed mirrors, dishwashers, stainless steel appliances and kitchen islands. Community amenities include two swimming pools with hot tubs and grilling stations, a 24-hour fitness center, yoga studio, basketball court, clubhouse, business center and dog park.

“The Dallas area has not only exhibited favorable multifamily fundamentals, but its high job and population growth forecasts have made it one of the most well-suited markets to invest in,” DeFilippis tells GlobeSt.com. “Having noticed this trend when we purchased our first property here, it should be no surprise that Urban Land Institute and PricewaterhouseCoopers ranked the metroplex as the best overall real estate market, one that we will continue to observe.”

Situated in north Plano at 2300 Kathryn Ln., the property is located near major transit routes and employment opportunities. Sam Rayburn Tollway is five minutes away, offering direct access to downtown Dallas. The University of Texas at Dallas is approximately 20 minutes away and South Central Expressway is about 10 minutes away, providing an additional route to Garland.