Ryan M. Akins And Partners Acquire 266-Unit Multifamily Community In Plano Texas From Newmark

The Ellington, a 266-unit multifamily community located at 4701 Preston Park Boulevard in Plano, TX, was recently acquired by Red Summit Partners. The transaction involved a multifamily asset, and the company plans to undertake a three-year value-add renovation aimed at repositioning the property to Class A standards.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: Not specified
• Units: 266
• Address: 4701 Preston Park Boulevard
• Market: Plano, TX
• Buyer: Ryan M. Akins, JR Bolos, Ted Broadfoot & KC Kronbach - Red Summit Partners
• Broker: Newmark
• Lender: Starwood

Newmark represented the seller in this deal and also arranged acquisition financing from Starwood. The investment focuses on the increasing housing demand in the Preston Park/Legacy corridor of West Plano, Texas.