ConAm is expanding its presence in Texas with the purchase of a 325-unit apartment complex in the Frisco master-planned community Canals at Grand Park.
The San Diego-based multifamily investor picked up the Maxwell, at 7777 Adelaide Street, it said in a release. The seller is Hampshire Properties, an investor based in Brooklyn.
ConAm bought the property with a $42 million mortgage ($129,000 per unit) from CBRE Multifamily Capital, loan documents show. The deal is part of the firm’s Strategic Investments Fund IV.
The Maxwell was a project from Dallas-based developer StreetLights Residential and Toronto-based Tricon Capital Group. It was delivered in 2018. The property has two pools, a movie theater, gym and remote work stations.
Hampshire Properties has owned the Maxwell since 2022. It also owns two other apartment buildings at Canals at Grand Park: the Kathryn, at 4255 Cotton Gin Road, and the Margo, at 4545 Mission Avenue.
Ray Washburne’s Charter Holdings and Dallas-based Arcadia Realty Corporation developed the $500 million Canals at Grand Park, which features single-family homes and senior living in addition to multifamily. The community spans 152 acres.
It is just minutes from Jerry Jones’ successful mixed-use development, the Star. Jones’ Blue Star Land is adding office, residential and hotel towers to the project, which is home to the headquarters of the Dallas Cowboys.
With the success of the Star, which opened in 2016, Frisco has become a hotspot for large scale mixed-use projects, including the $520 million Omni PGA Frisco Resort.
The city’s pipeline of megadevelopments includes Wilks Development’s Firefly Park, a $3 billion mixed-use project from JVP Management known as the Mix, and the $2 billion Fields West development by Karahan Companies. Frisco will soon be home to a Universal Kids Theme Park.
The city is in the midst of a population boom, adding 18,000 new residents between 2020 and 2023.
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