1031 Exchange Options recently represented individual tenancy-in-common investors in the acquisition of a multifamily property in Plano, Texas.
The value of the transaction was approximately $17.8 million.
The property, Mission Collin Creek, contains a total of 266,724 square feet and includes a fitness center, spa, lighted tennis court, two swimming pools, a wading pool, and a playground. The property was 95 percent occupied at the time of sale.
Mission Residential, in partnership with Triple Net Properties, acquired Mission Collin Creek from an entity of Trammell Crow on behalf of the co-ownership group of TIC investors.
Many of the investors completed 1031 exchanges with the acquisition of their undivided fractional interest in the property.
San Francisco Bay Area-based 1031 Exchange Options is a national real estate investment consultancy representing clients in investments structured for co-ownership.
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