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, with financing from Starwood and debt arranged by Newmark. The 1997-built property features 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 standard. The investment thesis is supported by planned relocations of AT&T and the Dallas Stars, which are expected to strengthen housing demand. The firm's partners have collectively acquired over 100,000 apartment units and overseen renovations of more than 500,000 units nationwide.
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