Sares Regis Multifamily Funds acquires its third investment in Fund IV, McDermott Place in Plano, Texas
Sares Regis Multifamily Value-Add Fund IV, L.P. (“SRMF VA-IV”) is pleased to announce the acquisition of McDermott Place (“McDermott”) on May 13, 2022. McDermott is a 324-unit apartment community located in the suburb of Plano, Texas. The Plano submarket is one of the strongest suburban submarkets in DFW. The property is located 1-mile south of SH-121 and is equidistant between the Dallas North Tollway and I-75, offering residents immediate access to an abundance of neighboring retail and employment centers. With a highly regarded school system, safety, and overall quality of life, Plano, TX, has earned its reputation as one of the most desirable places in the country and has been awarded several accolades.
Built in 1999, the community offers nine different large one, two, and three-bedroom floorplans, averaging 1,188 SF with townhomes and 192 garages. Resident amenities include a fully equipped fitness center, resort-style swimming pool and heated spa, resident clubhouse, executive business center, cybercafé with Wi-Fi, and a playground.
SRMF VA-IV will renovate and reposition McDermott Place to be competitively priced within its market comparable set. The prior ownership renovated approximately 60% of the units. These units will be enhanced with quartz counters, under mount sinks with a new plumbing package, a fresh interior re-paint, and smart thermostats. The remaining “classic” units (40% of the property) will be fully renovated.
The interior renovation plan includes upgrading laminate countertops to modern quartz, adding a designer backsplash, upgrading cabinet fronts, upgrading kitchen finishes, a contemporary lighting package, and installing smart thermostats. A brighter interior paint scheme will further the modernization of apartment homes. Common area enhancements will include upgrades to the fitness center, pool and pool deck area, clubhouse, and the addition of a dog park. Once renovations are complete, the community will compete with newer luxury properties in the market at an attractive price point.
