Newmark closes sale of 229-unit multifamily community in Plano

Newmark closes sale of 229-unit multifamily community in Plano

Newmark arranged the sale and financing of Hathaway at Willow Bend, a 229-unit multifamily community at 2525 Preston Road in Plano, Texas. Newmark Executive Managing Director Richard Furr, Vice Chairmen Brian O’Boyle, Jr. and Brian Murphy and Associate Jack Forman represented the seller, S2 Capital Acquisitions, in the transaction. Vice Chairman Brian Kochan and Vice President Michael Caglianone arranged acquisition financing on behalf of the buyer, Granite Towers Equity Group. “Hathaway at Willow Bend gives the new owner with a tremendous opportunity for a value-add interior unit upgrade,” said Furr. “The asset’s location along Preston Road in Plano provides strong demographics, along with employment opportunities, shopping and schools.” Located along Preston Road in West Plano, Hathaway at Willow Bend is a garden-style community offering one-, two- and three-bedroom residences, including a variety of townhome floor plans. The property features an attractive amenity package, including two swimming pools, an outdoor kitchen, bark park, natural creek setting and fitness center. Apartment interiors include quartz countertops, subway tile backsplashes and stainless-steel appliances, while select residences feature gourmet kitchens and wood-burning fireplaces. “We’re pleased to have worked with Granite Towers Equity Group on the financing of Hathaway at Willow Bend,” said Kochan. “As our first transaction together, this closing reflects a collaborative process and a shared commitment to executing with certainty. We appreciate the opportunity to support Granite Towers Equity Group on this acquisition and look forward to building on this relationship in the future.” Situated in one of North Texas’ most desirable suburban markets, the property benefits from its location within the award-winning Plano Independent School District and offers residents convenient access to many of the region’s largest employment centers. Nearby economic hubs include the Legacy West corridor, home to major employers such as Toyota North America, JPMorgan Chase and Liberty Mutual; Frisco’s corporate and entertainment district, including The Star and PGA of America; the Addison business district; the Richardson Telecom Corridor; and leading healthcare campuses, including Medical City Dallas. More than 1.2 million jobs are located within a 10-mile radius of the property.