Apartments in Plano's booming Legacy development sell to investor

Investors have snapped up an apartment community in Plano's booming Legacy development.

JLL Income Property Trust - a real estate investment trust - purchased the Villas at Legacy apartments on Spring Creek Parkway east of the Dallas North Tollway.

The 328-unit rental community is at the south end of Legacy business park, near some of North Texas' largest employers.

"The acquisition of Villas at Legacy further supports our investment strategy targeting well-positioned suburban markets with highly rated schools and strong market fundamentals and demographics," Allan Swaringen, president and CEO of JLL Income Property Trust, said in a statement. "This investment brings our aggregate apartment allocation to nearly $650 million, with over 2,500 apartment units, representing just over a quarter of our $2.6 billion, 69-property portfolio."

Terms of the sale were not disclosed. The property was sold by a Dallas-based investment fund.

Villas at Legacy were built in 1999, and the apartments are valued for taxes at more than $48 million.

Based in Chicago, JLL Income Property Trust already owns multiple properties in the Dallas-Fort Worth area.

The investor's holdings include industrial buildings in Grapevine and Grand Prairie and a Sachse shopping center.

JLL Income Property Trust also owns the Townlake of Coppell apartments in Coppell.