Langdon Street Capital snags Plano multifam, bullish on TX

Langdon Street Capital continued its residential spending spree as the company continues to be bullish in the Texas multifamily market. The Los Angeles-based firm acquired 124 units in the North Dallas suburbs.

Willmax Capital Management sold the Independence Crossing apartments in Plano to Langdon in a deal brokered by JLL Capital Markets. Financial details of the deal were not disclosed. The Collin County Appraisal District valued the property for tax purposes at $16.4 million this year.

The apartments have listed between $1,500 and $2,200 a month, according to rental websites. One and two-bedroom units average 942 square feet in the complex, built in 1999. A resort-style swimming pool, fitness center, clubhouse, resident lounge, business center and dog park are among the community amenities.

Langdon Street Capital has acquired over 900 units across four complexes in Austin in under three years, and this is its first foothold in Dallas.

“We hope to continue to buy more multifamily, in Dallas and Austin, despite the economic uncertainty,” said Matt Steinberg of Langdon Street Capital.

Independence Crossing, at 6501 Independence Parkway, is in the heart of Plano, a few miles from Central Expressway, Dallas North Tollway and Sam Rayburn Tollway. The property sits five miles from Plano’s $1 billion mixed-use development Legacy West, with its high-end retail, multifamily and corporate offices, such as FedEx, JCPenney, Toyota and Peloton.

Plano’s population grew by about 10 percent between 2010 and 2020 and now sits at nearly 290,000 residents, according to data from the U.S. Census Bureau. The population is expected to grow more than 10 percent by 2050 to about 331,000, according to city planning documents. It is predicted that about 40 percent of those residents will be renting apartments.

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