DALLAS/PLANO, November 20, 2015 – Southern Land Company is pleased to announce the sale of its five-story urban development Junction 15, located in historic downtown Plano, Texas. Southern Land Company is selling Junction 15 to a commingled fund managed by New-York based real estate investment firm Clarion Partners, LLC for an undisclosed amount.
“Junction 15 is a beautiful, high-quality residential community that has helped the city in its efforts to revitalize downtown Plano,” said Brian Watkins, who is a Managing Director at Clarion Partners. “This project exemplifies the quality and vision the market has come to expect from Southern Land Company, and Clarion Partners is excited to add this development to our portfolio.”
Junction 15, which opened in 2014, represents a public-private partnership between Southern Land Company and the City of Plano. In cooperation with city officials’ long-term goals, Junction 15 is part of a connected urban community. The development is close to Plano’s Old Town Square and Haggard Park, as well as several award-winning restaurants.
As a result of its strategic location and thoughtful design, apartment residents enjoy old-town charm along with modern amenities including a resort-style pool, outdoor grilling stations, a 24-hour fitness center and many entertainment options on 15th Street. The mixed-use development includes 7,700 square feet of retail space anchored by a 7-Eleven and 279 apartments. Apartments feature luxury details such as kitchens designed for entertaining and oversized bathrooms in studio, one-bedroom, two-bedroom and three-bedroom units.
“We are proud of the retail and housing options we’ve provided to the community through our successful partnership with the City of Plano,” said Brian Sewell, Southern Land Company President and Chief Operating Officer. “Junction 15 has bolstered an ongoing public-private initiative to spark downtown Plano’s economy. We are confident that Clarion will be an excellent steward of the property and will carry on our work supporting community growth.”
Located across the street from a major Dallas Area Rapid Transit (DART) station, Junction 15 benefits from a close-by convenient transportation option. Not only can Junction 15 residents quickly travel to other parts of the city, but also, anyone in the Dallas area can access the development’s walkable retail hub via the DART’s Downtown Plano Station.
About Clarion Partners, LLC
Clarion Partners, an SEC registered investment adviser and FINRA member firm, has been a leading U.S. real estate investment manager for 32 years. Headquartered in New York, the firm has offices in major markets throughout the U.S., in São Paulo, Brazil and London, England, as well as a presence in Mexico. With more than $30 billion in total assets under management, Clarion Partners offers a broad range of real estate strategies across the risk/return spectrum to its more than 200 domestic and international institutional investors. More information about the firm is available at www.clarionpartners.com.
About Southern Land Company
Southern Land Company builds quality communities that enhance the lives of our residents across the U.S. With a comprehensive set of services that span the entire development lifecycle, we deliver distinctive settings where people want to live, work and shop. By upholding stringent standards for single-family and multifamily developments, we create sustainable projects with long-term viability for our investors, residents, employees and partners. Founded in 1986, Southern Land Company is headquartered in Nashville, TN and has offices in Dallas, TX and New York, NY. The firm develops residential and mixed-use properties in several key U.S. markets and has more than $1 billion currently in development. For more information and to see our current projects, please visit www.southernland.com.