New Construction Multifamily Property Sells in Plano

Coldwell Banker Commercial represented a local investment group in the acquisition of a 24-unit multi-family property located at 1514 E 15th Street in Plano, Texas. The property, located just east of downtown Plano near the DART transit line and north of the Telecom Corridor, traded for just under $5 million. The newly constructed property consists of 16 one-bedroom units and eight two-bedroom units on a 1-acre site. The complex, The Touraine, has high-end finishes, offers 24 parking spaces and a gated entrance. “The Dallas metro area is fast-growing and there continues to be high demand for quality, affordable, residential rental units,” said Angela Harwell, CCIM who represented the buyer in the transaction. “The Touraine property offers excellent accessibility and quality construction with popular, modern finishes for tenants. For the investor, the new construction status of the property offers minimal maintenance and desirable price point in the market.”