DALLAS, TX - San Francisco-based real estate investment firm Hamilton Zanze announced the sale of Fountains at Steeplechase in Plano, TX (Dallas market). The firm purchased the garden-style property in 2013 and the sale closed on October 9, 2020.
Fountains at Steeplechase was built in 1985 and is located at 7301 Alma Drive. During the firm's ownership period, Hamilton Zanze replaced the roof, upgraded windows, improved resident amenities, including the installation of a dog park, and added a model unit to improve leasing efforts and increase rental rates.
The property comprises 368 units with upgraded appliances, new flooring, resurfaced countertops, and upgraded hardware. Steeplechase's one- and two-bedroom units average 857 square feet for a total of 315,368 rentable square feet. Community amenities include a clubhouse and fitness center, outdoor pool and fire pit, business center, playground, and dog park.
"We acquired the property in 2013 from Aimco and carried out major renovations and unit upgrades," said Anthony Ly, director of dispositions at Hamilton Zanze. "We initially implemented a business plan that focused on stabilizing occupancy and operations. However, Plano's incredible growth during our hold period allowed us to capitalize on unit upgrades to boost rents."
Fountains at Steeplechase is located in the Plano submarket of the Dallas/Fort Worth metro area. Despite stay-at-home orders brought on by the coronavirus pandemic, occupancy in Plano registered 94.5% and demand in the Dallas metro outpaced supply 9,614 units to 6,936 units as of Q3 2020, according to RealPage Analytics. After the effects of the pandemic subside, economic and job growth are projected to continue in the Dallas region. Fountains at Steeplechase is located along U.S. Route 75, providing direct access to major employers and entertainment in Downtown Dallas.
Source: Hamilton Zanze