McKinney, TX (November 16, 2022) – Buchanan Street Partners, a Newport Beach, California-based real estate investment management firm, on behalf of Arnel & Affiliates, acquired a 354-unit, 2021 built, core multifamily community in McKinney, Texas from JPI.
Jefferson Terrace features 209 one-bedroom, 115 two-bedroom, and 30 three-bedroom units. The Property was 94% occupied at the time of sale.
The city of McKinney has experienced extraordinary growth in recent years and has been a direct beneficiary of all the new employers pouring into North Texas. Jefferson Terrace is strategically positioned just off Interstate 75 and equidistant to the Sam Rayburn Tollway and the currently expanding Highway 380.
Jefferson Terrace offers top-of-the-market amenities and interior features, including a modern clubhouse and resident lounge, game room, resort style swimming pool, dog park, putting green, fitness center with yoga room and spin studio, and outdoor grilling area.
“Jefferson Terrace represents an exceptional, long term investment opportunity to acquire Class A apartment units with resort-style amenities and a stabilized occupancy, located near major employment centers in a submarket with strong fundamentals and long-term forecasted growth” said Kevin Hampton, executive vice president of Buchanan Street Partners.
The purchase further defines Buchanan Street’s multifamily investment strategy focused on acquiring high-quality assets in markets with strong fundamentals. Specifically, the acquisition is Buchanan’s fifth in the state of Texas, the first being Waters Edge in Grand Prairie which closed in October 2020, the second being Villages of Rowlett which closed in June 2021, the third being 4600 Ross which closed August 2021, and the fourth being Jameson at the Bluffs which closed in November 2021. Buchanan plans to continually expand its footprint in the DFW region over the coming years given the strong submarket fundamentals and overall economic growth of the region.
About: Buchanan Street Partners is a real estate investment firm based in Newport Beach, California that invests debt and equity capital on behalf of institutional and private investors. Since its inception, Buchanan Street has invested over $7.5 billion in real estate debt and equity investments. The company is comprised of a highly skilled team that has invested through multiple real estate cycles, enabling them to maximize value while prioritizing capital preservation. www.buchananstreet.com.