Landmark stamps Mission at Collin Creek in Plano

PLANO – Landmark Apartment Trust of America Inc. just purchased the 314-unit Mission at Collin Creek at 2301 Pebble Vale Dr.

The property, to be rebranded as Landmark at Collin Creek, was built in 1988 and is 98 percent occupied.

The apartment complex was part of a $98.2 million, four-property deal. In total, the properties contain 1,346 apartments, which are 95 percent leased.

With the completion of this deal, Landmark increased the number of properties it owns, operates or manages in the Dallas area to 21. The company just purchased the 194-unit Mission Preston Wood apartments at 333 Prestonwood Dr. in Richardson.

North Texas’ occupancy rate is 94.4 percent, which is the region’s highest occupancy rate in the past 12 years, according to MPF Research. That strong occupancy rate has boosted the average rental rate of apartments by 3.4 percent year-over-year in third quarter 2013.