Red Summit Acquires West Plano Multifamily Community
Red Summit Partners has acquired The Ellington, a 266-unit apartment community in West Plano's Preston Park/Legacy corridor, from an undisclosed seller. The Dallas-based investment firm secured senior acquisition financing from Starwood, with debt arranged by Newmark, which also represented the seller. Built in 1997, the property features an average unit size of 1,114 square feet, with 59% townhome-style units with attached garages—a product type now economically infeasible to build in the area due to high land and construction costs. Red Summit plans a 36-month capital improvement program to complete interior renovations, upgrade amenities, and reposition the property to Class A standards. The firm cites planned relocations of AT&T and the Dallas Stars as demand catalysts. The acquisition reflects continued investor interest in well-located Texas multifamily assets with renovation upside and limited replacement competition.
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