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Key Takeaways – Red Summit Partners acquired The Ellington, a 266-unit apartment community in West Plano’s Preston Park/Legacy corridor, with financing from Starwood and debt arranged by Newmark. – The firm plans a 36-month capital improvement program to complete unit renovations, upgrade amenities, and reposition the 1997-built property to a Class A standard. – The acquisition reflects continued investor interest in well-located Texas multifamily assets with renovation upside and limited replacement competition
Red Summit Partners has expanded its Texas multifamily portfolio with the acquisition of The Ellington, a 266-unit apartment community in West Plano’s Preston Park/Legacy corridor. The Dallas-based investment firm plans to execute a multi-year value-add strategy aimed at upgrading the nearly three-decade-old property while capitalizing on continued economic growth in one of North Texas’ most established employment hubs. Why West Plano Stands Out The Ellington was built in 1997 and features an average unit size of 1,114 square feet, with 59% of the community consisting of townhome-style apartments with attached direct-access garages.
According to Red Summit, that product type is no longer economically feasible to build in West Plano because of higher land values and construction costs, making the asset difficult to replace. The Details Senior acquisition financing came from Starwood, while Newmark arranged the debt financing and represented the seller in the transaction. Previous ownership renovated roughly half of the apartment interiors to quartz-level finishes and updated the leasing center before pausing further investment amid rising interest rates.