Provident Realty Advisors sells luxury multi-family community in one of the hottest, opportunistic multi-housing markets
Our Colliers Dallas Multi-Housing Advisors are pleased to announce the sale of Magnolia on the Green, a newly constructed multi-family community in Allen, Texas. This 326-unit property, which was developed by Provident Realty Advisors, was fully leased in less than one year. Jorg Mast, Chris Paul and Danny Miller at Colliers represented the seller during the transaction.
“The project’s very strong performance is a great testament to its quality and positioning in the marketplace,” said Jorg Mast, executive vice president of multi-family investment sales.
Completed in 2020, Magnolia on the Green has a unique hybrid architectural design that includes both a large four-story building wrapping a structured parking garage and two three-story, surfaced parked buildings with tuck-under garages. The twenty-three variations of one and two-bedroom open-concept floor plans feature high ceilings, expansive windows and modern designer finishes.
The property is part of Stacy Green, Provident Realty Advisors’ multi-phase, mixed-use development consisting of retail, office, multi-family and hospitality uses. This development is located at the southwest corner of U.S. Highway 75 and Stacy Road, one of Allen’s busiest retail intersections, home to a regional mall, a major power center and one of the premier outlet malls in the DFW metroplex.
“This is a fantastic location within a dynamic submarket,” said Chris Paul, executive vice president of multi-family investment sales. “Allen is one of the area’s most popular rental submarkets, and Magnolia on the Green is located at one of its best intersections.”