Affordable Multifamily Sells Near $5B Mile
With a 200-person waiting list, Preston Trace is one of only three affordable housing properties in Frisco, attracted a tremendous amount of interest from investors and ultimately sold above asking price.
FRISCO, TX—Preston Trace, a 40-unit affordable housing multifamily property, has sold for an undisclosed price. Built in 1976, Preston Trace is a 40-unit garden-style community located at 8660 Preston Trace Blvd. The property was fully placed in service under the Section 42 Low Income Housing Tax Credit program in 2005 and reserves units for residents whose income does not exceed 30%, 40% and 50% area median income.
Located in this rapidly growing Dallas suburb, the property is a few minutes from major employers along the $5 Billion Mile. Employers include Toyota, State Farm, Liberty Mutual, JCPenney, Ericsson and the Dallas Cowboys headquarters.
Greysteel managing directors, Doug Banerjee and Boyan Radic, senior investment associates, John Marshall Doss, Andrew Mueller, Andrew Hanson and Scott Simon, and investment associate Jack Stone, who are all based in the company’s Dallas and Fort Worth offices, sold the property on behalf of the seller and arranged the Fannie Mae financing on behalf of the buyer.
“Preston Trace is one of only three affordable housing properties located in one of the most desirable suburbs of Dallas,” said Doss. “With its 200-person waiting list, the stable and quiet community attracted a tremendous amount of interest from investors and ultimately sold above ask.”