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3420 S Dallas Parkway, Celina, TX
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108
UNITS
Executive Summary
Berkadia is pleased to present Avilla Parkway, a 108-unit Build-to-Rent (BFR) community located in the city of Celina, Texas. Completed in 2021, Avilla Parkway integrates spacious, one-story apartment homes on a residential scale that compliments the local neighborhood. Each home offers a true residential feel complete with private entryways and backyards. Avilla Parkway’s homes are complemented by attractive community amenities including a dedicated leasing center, resort-style pool, gas fire pits, walking trails, and private dog park.
Avilla Parkway recently completed a successful lease-up, offering an investor the opportunity to capitalize on its trending, high organic rent growth. New leases at the property are capturing substantial premiums (±17.1%) over their initial lease-up rents. Submarket fundamentals remain strong in the North Texas submarket with occupancies projected to remain high (+97%). High occupancies are fueling substantial year-over-year rent growth of 9.5% through 2Q2023.
Avilla Parkway is well positioned within the Celina submarket, which is a high growth corridor connecting to major employment hubs such as Plano, Frisco and McKinney. Increasing home values in the surrounding neighborhoods (32.4% over the last year) combined with a higher cost of financing is making home ownership more cost prohibitive, driving continued demand for Avilla Parkway’s unique BFR housing.
Avilla Parkway is proximate to many large employers including JPMorgan Chase, Liberty Mutual, PepsiCo and other Fortune 500 firms offering easy commutes for residents. Highly rated public schools and abundant retail and services, including the Gates of Prosper, Star in Frisco and the Shops at Legacy are also within easy reach of the community. Avilla Parkway is offered free and clear allowing investors to explore new financing.
2021
Built
RENT VS. OWN
PROVIDES HEADROOM
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DESIRABLE SUBURBAN COMMUNITY WITH EXCELLENT DEMOGRAPHIC PROFILE
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ROBUST POPULATION GROWTH
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NEIGHBORING RETAIL AND ENTERTAINMENT
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MAJOR EMPLOYMENT CENTERS NEARBY
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FIRST CLASS AMENITIES
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HIGH-QUALITY NORTH FORT WORTH CLASS A BUILT-FOR-
RENT COMMUNITY
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Investment Highlights
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Impressive job growth, headquarter relocations and in-migration trends continue to apply pressure to the Greater Dallas Fort Worth housing market with residential demand far outpacing supply. Median home sales in Collin County have appreciated to over $578,516 (+32%), providing an attractive rent vs own ratio as high home values and increasing interest rates have made mortgage payments in the area increasing cost prohibitive.
Investment Highlights
RENT VS. OWN
PROVIDES HEADROOM
The Average household income within a 1-mile radius of Avilla Parkway is +$170,000, with the median household income growing over 28% in the next five years from $150,000 to +$190,000. Residents benefit from the inclusion in the Prosper ISD, a top-rated suburban district. With an overall Niche rating of A+, the Prosper ISD is ranked 11th of 1,018, best school district in Texas, which is a major driver of tenant demand.
Investment Highlights
DESIRABLE SUBURBAN
COMMUNITY WITH EXCELLENT DEMOGRAPHIC PROFILE
Tremendous educational institutions, skilled employment, family oriented residential communities, and extensive lifestyle amenities all contribute to North Texas’s booming growth. The expected growth rate of 34.7% of Celina is almost 4 times the growth rate of Collin County at 9.2% and almost 6 times the DFW Metro at 5.9%
Investment Highlights
ROBUST POPULATION GROWTH
The property is located near retail centers which include Downtown Celina and the Gates of Prosper. Additionally, the property is close to many entertainment locations including The Star in Frisco (14.1 miles), The Shops at Legacy & Legacy West (16.2 miles), Downtown McKinney (19.1 miles), Frisco Station (14 miles) and the new development of PGA Headquarters with golf courses, hotel and retail (7.6 miles).
Investment Highlights
NEIGHBORING RETAIL AND ENTERTAINMENT
Avilla Parkway is surrounded by major job centers and employers including:
Legacy West located in Plano, TX, located just 20 minutes from Avilla Parkway, is home to 415,000 SF of retail, restaurants, and office space. Rapid expansions by corporate occupiers over the past ten years into developments like Legacy, Legacy Central land Granite Business Park have resulted in over 64,000 employees working in corporate or regional HQ locations alone. Total Legacy development is 2,665 acres filled with 33 million square feet of corporate and regional headquarters. Nearly 70,000 people live and work within the park. To name a few major employers located in Plano:
Frisco, TX, branded as Sports City, USA, has emerged as the hub for giants in sports like the Dallas Cowboys practice stadium at The Star Development, it is also home to the Soccer Hall of Fame, future home to PGA Headquarters and more. As Plano’s business boomed, so too did Frisco, as its northern neighbor, amassing headquarters like Toyota USA, T-Mobile USA and Conifer Health Solutions.
Investment Highlights
MAJOR EMPLOYMENT CENTERS NEARBY
The pet-friendly, gated community offers the perks of neighborhood living with optional garages, resort-style pool & spa, dog park, outdoor green space with lounge seating, fire pit, outdoor kitchen & BBQ, and walking paths.
Investment Highlights
FIRST CLASS AMENITIES
Built in 2020, Avilla Parkway features 108 homes in spacious one-,two- and three-bedroom floorplans averaging 965 square feet. Each unit offers residents a true home feel with private entrances, brick and stone exteriors, outdoor patios & backyards, along with high end finishes including 10’ ceilings, granite/quartz countertops, and stainless-steel appliances. Avilla Parkway’s luxury offering fits perfectly with the demographic trends of Celina towards a highly skilled, high paid employees.
Investment Highlights
HIGH-QUALITY NORTH FORT WORTH CLASS A BUILT-FOR-RENT COMMUNITY
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Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
© 2023 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by the Tax Credit Syndication group. For state licensing details for the above entities, visit: https://www.berkadia.com/licensing/.
Mark Forrester
Senior Managing Director
302.526.4800
Mark.forrester@berkadia.com
Andrew Curtis
Director
602.571.4190
Andrew.curtis@berkadia.com
CONTACT Us
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Paul Harris
Senior Managing Director
972.764.8490
Paul.harris@berkadia.com
Greg Smith
Senior Managing Director
817.313.7081
Greg.smith@berkadia.com
Kristin Watson
Operations Director
602.445.1674
Kristin.watson@berkadia.com
PHOENIX
2525 E. Camelback Road, Suite 1150
Phoenix, AZ 85016
602.955.1122
DALLAS
5960 Berkshire Lane, Suite 1000
Dallas, TX 75225
214.346.0200
OFFICES
Investment Sales Advisors
AT&T Foundry & Services – 2,500 employees
Toyota North America Headquarters – 4,018 employees
FedEx Divisional Headquarters – 1,156 employees
JPMorgan Chase Regional Office – 8,108 employees
Liberty Mutual Regional Campus – 2,519 employees
PepsiCo – 1,881 employees
Ericsson Regional Headquarters – 2,457 employees
Frito Lay Divisional Headquarters – 1,712 employees
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3420 S Dallas Parkway, Celina, TX
Previous
Next
Impressive job growth, headquarter relocations and in-migration trends continue to apply pressure to the Greater Dallas Fort Worth housing market with residential demand far outpacing supply. Median home sales in Collin County have appreciated to over $578,516 (+32%), providing an attractive rent vs own ratio as high home values and increasing interest rates have made mortgage payments in the area increasing cost prohibitive.
Investment Highlights
RENT VS. OWN PROVIDES HEADROOM
The Average household income within a 1-mile radius of Avilla Parkway is +$170,000, with the median household income growing over 28% in the next five years from $150,000 to +$190,000. Residents benefit from the inclusion in the Prosper ISD, a top-rated suburban district. With an overall Niche rating of A+, the Prosper ISD is ranked 11th of 1,018, best school district in Texas, which is a major driver of tenant demand.
Investment Highlights
DESIRABLE SUBURBAN
COMMUNITY WITH EXCELLENT DEMOGRAPHIC PROFILE
Tremendous educational institutions, skilled employment, family oriented residential communities, and extensive lifestyle amenities all contribute to North Texas’s booming growth. The expected growth rate of 34.7% of Celina is almost 4 times the growth rate of Collin County at 9.2% and almost 6 times the DFW Metro at 5.9%
Investment Highlights
ROBUST POPULATION GROWTH
The property is located near retail centers which include Downtown Celina and the Gates of Prosper. Additionally, the property is close to many entertainment locations including The Star in Frisco (14.1 miles), The Shops at Legacy & Legacy West (16.2 miles), Downtown McKinney (19.1 miles), Frisco Station (14 miles) and the new development of PGA Headquarters with golf courses, hotel and retail (7.6 miles).
Investment Highlights
NEIGHBORING RETAIL AND ENTERTAINMENT
Avilla Parkway is surrounded by major job centers and employers including:
Legacy West located in Plano, TX, located just 20 minutes from Avilla Parkway, is home to 415,000 SF of retail, restaurants, and office space. Rapid expansions by corporate occupiers over the past ten years into developments like Legacy, Legacy Central land Granite Business Park have resulted in over 64,000 employees working in corporate or regional HQ locations alone. Total Legacy development is 2,665 acres filled with 33 million square feet of corporate and regional headquarters. Nearly 70,000 people live and work within the park. To name a few major employers located in Plano:
Frisco, TX, branded as Sports City, USA, has emerged as the hub for giants in sports like the Dallas Cowboys practice stadium at The Star Development, it is also home to the Soccer Hall of Fame, future home to PGA Headquarters and more. As Plano’s business boomed, so too did Frisco, as its northern neighbor, amassing headquarters like Toyota USA, T-Mobile USA and Conifer Health Solutions.
Investment Highlights
MAJOR EMPLOYMENT CENTERS NEARBY
The pet-friendly, gated community offers the perks of neighborhood living with optional garages, resort-style pool & spa, dog park, outdoor green space with lounge seating, fire pit, outdoor kitchen & BBQ, and walking paths.
Investment Highlights
FIRST CLASS AMENITIES
Built in 2020, Avilla Parkway features 108 homes in spacious one-,two- and three-bedroom floorplans averaging 965 square feet. Each unit offers residents a true home feel with private entrances, brick and stone exteriors, outdoor patios & backyards, along with high end finishes including 10’ ceilings, granite/quartz countertops, and stainless-steel appliances. Avilla Parkway’s luxury offering fits perfectly with the demographic trends of Celina towards a highly skilled, high paid employees.
Investment Highlights
HIGH-QUALITY NORTH FORT WORTH CLASS A BUILT-FOR-RENT
COMMUNITY
AT&T Foundry & Services – 2,500 employees
Toyota North America Headquarters – 4,018 employees
FedEx Divisional Headquarters – 1,156 employees
JPMorgan Chase Regional Office – 8,108 employees
Liberty Mutual Regional Campus – 2,519 employees
PepsiCo – 1,881 employees
Ericsson Regional Headquarters – 2,457 employees
Frito Lay Divisional Headquarters – 1,712 employees
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Brittany Bridges
Senior Financial Analyst
972.757.5208
Brittany.bridges@berkadia.com