DALLAS, TX – San Francisco-based real estate investment firm Hamilton Zanze announced the sale of fountains in Steeplechase in Plano, TX (Dallas Market). The company purchased the garden-style property in 2013 and the sale completed on October 9, 2020.
The fountains in the obstacle race were built in 1985 and are located at 7301 Alma Drive. During the company's ownership period, Hamilton Zanze replaced the roof, upgraded the windows, upgraded residents' amenities including installing a dog park, and added a model unit to enhance leasing efforts and increase rental rates.
The property comprises 368 units with updated appliances, new floors, new countertops and upgraded hardware. Steeplechase's one and two bedroom units average 857 square feet for total rental space of 315,368 square feet. Communal facilities include a clubhouse and fitness center, outdoor pool and fire pit, business center, playground, and dog park.
"We acquired the property from Aimco in 2013 and carried out extensive renovations and upgrades," said Anthony Ly, director of operations at Hamilton Zanze. "We initially implemented a business plan that focused on stabilizing occupancy and operations. However, due to Plano's incredible growth during our holding period, we were able to benefit from unit upgrades to boost rents."
The fountains in Steeplechase are located in the Plano submarket of the Dallas / Fort Worth subway area. Despite the stay-at-home orders triggered by the coronavirus pandemic, plano occupancy was 94.5% and demand on the Dallas subway surpassed supply from 9,614 units to 6,936 by the third, according to RealPage Analytics Quarter 2020. After the pandemic ends, economic and employment growth in the Dallas area is expected to continue. Located on US Route 75, the fountains at Steeplechase provide direct access to major employers and entertainment options in downtown Dallas.
Source: Hamilton Zanze