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Investment giant Blackstone makes a record Plano apartment deal

By Steve Brown
The Dallas Morning News

One of the country’s largest property investors has made a record North Texas apartment buy.

A unit of investment giant Blackstone Group purchased the Legacy North apartments in Plano’s Legacy Town Center mixed-use development on the Dallas North Tollway, deed records show.

The transaction was expected to fetch more than $300 million. The sale by Invesco Real Estate included almost 1,700 first-class rental units in 17 buildings.

Built between 2007 and 2012, the Legacy North apartments are almost fully leased with rents that average $1,325 a month. Invesco Real Estate had owned the apartments since 2014. The apartments are next to the popular Shops at Legacy restaurant and retail center at Legacy Drive and the tollway.

Walker & Dunlop marketed the apartments for sale.

“There was a substantial amount of interest in Legacy North, resulting in a very competitive process,” said Jeff Price, managing director of investment sales at Walker & Dunlop’s Dallas office. “As you are keenly aware, there is an overwhelming amount of capital that needs to be deployed. The quality and location of Legacy North was attractive to a broad array of buyers.”

The big Plano property deal is just the latest in a record number of North Texas apartment sales. The Dallas-Fort Worth area led the nation in apartment investment in the first half of 2021 with almost $8 billion in sales.

Invesco Real Estate still has a major position in the Legacy market, with a big stake in the $3 billion Legacy West mixed-use project.