Watters Creek

joint venture development

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Summary

  • Acquisition – May 2006

  • Location – Allen, TX

  • Value-Add Opportunity – Joint Venture Development

  • Size – 866,746 sq. ft. (350,000 retail sq.ft., 233 Class A multifamily units and 100,000 office sq.ft.)

Opportunity

  • Excellent visibility and accessibility from US-75 Central Expressway, Dallas’ primary north-south thoroughfare

  • Property’s primary trade area experiencing healthy demographic trends

  • Prime location directly across from Allen Technology District with 5.7 million sq. ft. of office and tech space

  • City of Allen, TX providing significant public financing to the project

  • Acquired land at favorable price relative to market values

Value Added

  • Introducing lifestyle/mixed use product type unique to the market

  • Local joint venture partner with strong track record

  • Capitalizing on strong tenant interest and leasing momentum in market

  • “First mover” advantage-beating competitive projects to the market