Monday, February 09, 2015

Invesco makes big apartment buy in West Plano’s Legacy Town Center

Steve Brown/Staff
Invesco Real Estate has purchased 1,675 luxury apartments in the north section of Legacy Town Center in West Plano.
Investors have made one of the largest buys ever of high-end North Texas apartments.

Almost 1,700 apartments in the Legacy Town Center development in West Plano have been purchased by Invesco Real Estate.

The apartments, east of the Dallas North Tollway and north of Legacy Drive, were sold by a partnership of builder Columbus Realty and GE Asset Management.

Built between 2007 and 2012, the apartments are just north of the popular Shops at Legacy retail and restaurant project. Jeff Price at JLL marketed the apartments for sale.

The sale is the second such large transaction by Columbus Realty and GE. In 2008 the partners sold more than 1,000 apartments on the south side of Legacy Town Center to UDR Inc.

Invesco is a major player in the North Texas apartment market. The company has a track record of investing in Legacy business park and in surrounding properties.

“We have made a strategic play, and despite all the activity announced in Frisco, we believe Legacy is the bull’s-eye and where we wanted to focus,” said Invesco managing director Greg Kraus. “We got started with our acquisition of The Campus at Legacy with KDC back before the financial crisis” in 2005.

“It's been an exciting assemblage of assets,” Kraus said.

Invesco is also a partner with Columbus Realty and Karahan Cos. in the development of the new Legacy West urban village, which has more than 600 apartments, a shopping center and office space.

Construction starts this week on the $300 million development at the northwest corner of the tollway and Legacy Drive.

“Legacy West is going to be an ongoing catalyst for additional corporate activity, and we believe it is instrumental in corporate decision-making going on as we speak that bodes well for Legacy,” Kraus said. “It will be complementary to the Shops at Legacy and provide broader lifestyle opportunities for both the employment and residential base.”

Invesco, which represents institutional investors and wealthy real estate buyers, purchased more than 1,000 apartments in 2012 in the Austin Ranch development west of the tollway in The Colony.

Invesco also owns the 21-story Ashton apartment tower in Dallas’ Uptown neighborhood. The Atlanta-based investment firm is one of the largest owners of U.S. apartments.

Steve Brown, The Dallas Morning News