The Opportunity: Purchased a 70% partnership interest in a 48-acre, 5-building office/retail/multifamily/land/mixed use development located in Frisco, Texas, approximately 30 miles north of the Dallas CBD for approximately $48 million over a three year period.
Result: After seven years of ownership dominated by one of the worst real estate cycles in recorded history, the development has experienced approximately 75% growth in NOI; four parcels of land totaling approximately 15 acres have been sold for an office/retail building, a 275-unit multifamily project, a medical office/hospital project; and a 12-screen Cinemark theater. Occupancy rates have risen to an average of 95% across all asset types.
Asset Type: Mixed-use Development – Office, Retail, Multifamily, Land
Asset Size: Office – 103,122 rsf; Retail – 110,395 rsf; Multifamily (14 units); Land – Approximately 48 acres
Years of Construction: 2002–2015
Acquired: 70% JV interest in August 2007; 100% ownership in December 2012