Plano, TX – September 23, 2024
Watermark Companies is excited to announce the addition of a brand-new Build-to-Rent community in Plano, TX, which is being developed by Watermark in partnership with multifamily real estate investment trust (REIT) AvalonBay Communities, Inc., who will own and operate the community.
Watermark Companies, a market leading Build-to-Rent real estate development company, officially acquired approximately 23.5 acres of land for the development of a best-in-class community in Plano, TX. This will be Watermark’s eighth Build-to-Rent development in the state of Texas.
“We are very grateful to be partnering with AvalonBay and look forward to delivering an exceptional community together in Plano,” said Freddy Ellis, CEO and Managing Partner at Watermark.
AvalonBay Communities has a thirty-year track record of developing, redeveloping, acquiring, and managing distinctive apartment homes in some of the best U.S. markets and announced its expansion into Dallas and Austin in 2021. AvalonBay currently has five communities in Texas, and Avalon Plano represents its first Developer Funding Program (DFP) development in the state.
“We’re pleased to partner with Watermark on this special community, offering duplex, tri-plex, and quad-plex style townhomes that reflect the blend of suburban comfort and modern conveniences that Plano is known for,” said Stew Royer, SVP of Investments at AvalonBay. “Avalon Plano is a strong complement to our existing Texas portfolio, and we look forward to continued growth in the region”
Plano, Texas is a desirable, family-friendly suburb approximately 20 miles north of Dallas. Representing the largest city in Collin County, Plano offers easy access to top rated schools, a vast employment base, and outdoor recreation and was recently named one of the “2024 Best Cities to Live in America” by Niche.com.
Avalon Plano will offer 155 thoughtfully designed, single-family townhomes with premium in-home amenities such as an attached two-car garage, private yard, smart-home technology, and other modern features and facilities. Residents will also enjoy the benefits of a professionally managed community, including a state-of-the-art fitness center, swimming pool, dog park, and game lawn. The community will be owned and operated by AvalonBay, providing residents with a hassle-free lifestyle and seamless, personalized experiences made easy.
First deliveries are expected in early 2026. Visit WMcompanies.com for updates.
About Watermark Companies
Watermark Companies is a solutions-based real estate developer and builder providing residents a new & improved way to live across the nation. Watermark develops impressive single-family home communities with the conveniences of a lease and the amenities of a resort, all professionally managed and maintained. Our communities distinguish themselves by revolutionizing the way residents live, work, and play through intentional design, hospitality-inspired service, and a resident-first ideology.
About AvalonBay Communities, Inc.
AvalonBay Communities, Inc., a member of the S&P 500, is an equity REIT in the business of developing, redeveloping, acquiring and managing apartment communities in leading metropolitan areas in New England, the New York/New Jersey Metro area, the Mid-Atlantic, the Pacific Northwest, and Northern and Southern California, as well as in the Company’s expansion regions of Raleigh-Durham and Charlotte, North Carolina; Southeast Florida; Dallas and Austin, Texas; and Denver, Colorado. As of June 30, 2024, the Company owned or held a direct or indirect ownership interest in 300 apartment communities containing 91,399 apartment homes in 12 states and the District of Columbia, of which 17 communities were under development.
