AMLI Snags 285 Units in Galatyn Park
- Sep 12, 2011
Illinois-based AMLI Residential, one of the country’s largest apartment owners, has recently bought the 285-unit Venue complex in the Galatyn Park urban center on U.S. Highway 75. The high-profile community has been on the market for a few months, with Will Balthrope and partner Lindsay Allen of Institutional Realty Advisors—a Marcus & Millichap company—marketing the property. According to Balthrope, AMLI Residential faced strong competition from three public REITs. The financial terms of the transaction have not been disclosed.
Developer Legacy Partners spent approximately $35 million to build the four-story apartment complex, and the property is almost fully leased at rates ranging from $830 to $2,200 per month. The complex features a resort-style swimming pool; in-pool tanning deck; heated spa; resident business center and conference room; resident kitchen, lounge and catering areas; one- and two-car private garages with remotes; and a game room with three gaming systems and a billiards table. The units feature granite countertops, walk-in pantries, bamboo floors, fireplaces with glass doors and oversize closets.
The property, located at 2301 Performance Drive, overlooks one of Richardson’s light-rail stations and stands right next to the local performing arts center, in the middle of one of the Telecom Corridor’s largest employment centers. Residents enjoy the acclaimed Plano school district and easy access to any destination in the Metroplex via Highways 75 and 190. The property has been renamed AMLI Galatyn Station.
The Venue is not the sole large rental community in the Telecom Corridor sold by Institutional Real Estate Advisors in the past months, as Balthrope also mediated the sale of the 360-unit Pradera apartments to Dallas-based Crow Holdings.