GREA closed the sale of Bellevue at Spring Creek, a 278-unit garden-style apartment community in the Plano, Texas, submarket.
Built in 1982, the property offers a mix of one- and two-bedroom floor plans with value-add potential in one of North Texas’ most stable and affluent rental markets.
ValCap assumed the existing Freddie Mac loan, allowing for an efficient closing and favorable loan terms relative to today’s debt market. At the time of sale, Bellevue at Spring Creek was over 90% occupied, demonstrating consistent tenant demand despite prior mismanagement. The community features a well-balanced unit mix of one- and two-bedroom floorplans and offers a range of amenities including a resort-style pool, fitness center, resident clubhouse, and mature landscaped courtyards. With strategic upgrades, the buyer plans to unlock further value in both rents and operations.
Plano continues to be a magnet for corporate relocations and high-paying employment, bolstered by excellent schools, top-tier retail, and ongoing infrastructure investment. The city’s strong demographics and limited new multifamily supply have made it one of the most resilient suburban markets in the DFW metroplex.
This sale is part of GREA Dallas’ continued momentum across the metroplex, where the team has closed over $1.25B across 97 transactions since the beginning of 2023, with a focus on workforce and value-add multifamily assets.
