Watters Creek at Montgomery Farm
Summary
Acquisition – May 2006
Location – Allen, TX
Value-Add Opportunity – Joint Venture Development
Size – 866,746 sq. ft.
Total Project Cost – $197.3 million
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