| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 72nd | Best |
| Demographics | 57th | Good |
| Amenities | 58th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1940 W Spring Creek Pkwy, Plano, TX, 75023, US |
| Region / Metro | Plano |
| Year of Construction | 1999 |
| Units | 115 |
| Transaction Date | 2007-02-23 |
| Transaction Price | $230,261,800 |
| Buyer | WINTERFELL COTTONWOOD TX OWNER LLC |
| Seller | HARVEST COTTONWOOD ESTATES RETIREMENT RE |
1940 W Spring Creek Pkwy, Plano TX Multifamily Investment
Neighborhood occupancy is exceptionally tight and incomes are high relative to rents, supporting durable renter demand according to WDSuite’s CRE market data.
Located in Plano’s inner suburbs, the area posts a strong overall neighborhood rating (A-) and is competitive among Dallas–Plano–Irving neighborhoods (ranked 253 of 1,108). For investors, the headline is stability: neighborhood occupancy is at the top of the metro (ranked 1 of 1,108), signaling limited near-term supply slack at the neighborhood level rather than at the property.
Livability trends are mixed but generally supportive. Restaurants index well (above many peers; national 82nd percentile), while parks and pharmacies are both in the national 89th percentile, indicating convenient daily-needs access. Cafés and grocery options are lighter locally. Average school ratings sit around the metro median (ranked 534 of 1,108) but below national norms (15th percentile), an element to weigh for family-oriented tenant profiles.
Income depth is a notable strength: neighborhood household incomes are in the national 89th percentile, and home values skew higher than many areas (72nd percentile nationally). This ownership cost environment tends to sustain multifamily demand and lease retention, while a rent-to-income ratio around 0.17 suggests manageable affordability pressure from an investor perspective. Median contract rents at the neighborhood level trend high (94th percentile nationally), consistent with Plano’s positioning within the metro.
Within a 3-mile radius, demographics show a slight population dip in recent years with projections stabilizing by 2028, while household counts are expected to rise and average household size to moderate. For investors, a larger number of smaller households points to a broader tenant base and supports occupancy stability. Renter concentration within 3 miles is roughly one-third of housing units renter-occupied, indicating meaningful depth for multifamily leasing. These dynamics, paired with neighborhood-level stability and ongoing multifamily property research from WDSuite, underpin steady demand expectations.
Vintage is a practical consideration: built in 1999 versus a neighborhood average near the mid‑1990s, the asset should remain competitive against older stock, though investors may still plan for system updates or selective modernization to reinforce positioning.
Safety compares favorably in a metro context: the neighborhood ranks in the top quartile among 1,108 Dallas–Plano–Irving neighborhoods for lower crime incidence and sits above the national average (around the 60th percentile) according to WDSuite’s data. This translates to relatively stronger perceived safety versus many peer areas.
Recent trend signals are constructive: estimated property offenses have declined meaningfully year over year (approximately -36%), and violent offense estimates show an even sharper improvement (about -47%), placing the neighborhood in stronger improvement percentiles both metro- and nationwide. These are neighborhood-level indicators, not property-specific, but they support a stable operating backdrop for resident retention and leasing.
The location benefits from proximity to established corporate employers that draw a diversified professional workforce and reinforce leasing depth, including Raytheon Company, AT&T Datacenter, St. Jude Medical, Dr Pepper Snapple Group, and Hewlett Packard Enterprise.
- Raytheon Company — defense & aerospace offices (2.1 miles)
- AT&T Datacenter — data infrastructure (3.7 miles)
- St Jude Medical — medical devices (4.1 miles)
- Dr Pepper Snapple Group — beverage corporate offices (4.6 miles) — HQ
- Hewlett Packard Enterprise — technology offices (5.1 miles)
This 115‑unit, 1999‑vintage asset sits in a Plano neighborhood characterized by top‑of‑metro occupancy and above‑average incomes, creating a supportive foundation for multifamily performance. Relative to the neighborhood’s mid‑1990s average vintage, the property’s later construction offers competitive positioning versus older stock, though planning for system updates or targeted modernization can help sustain performance.
Demand drivers are reinforced by income strength and a high-cost ownership market locally (home values around the 72nd national percentile), which tends to sustain renter reliance on multifamily housing. Within a 3‑mile radius, recent population softness is offset by forecasts for more households and smaller household sizes by 2028, expanding the renter pool and supporting occupancy stability and pricing power; according to CRE market data from WDSuite, neighborhood rents and occupancy trends remain favorable compared with many national peers.
- Metro‑leading neighborhood occupancy supports lease stability
- High household incomes with rent‑to‑income around 0.17 aid retention
- 1999 vintage competitive versus older area stock; plan for system updates
- 3‑mile outlook: more households and smaller sizes expand the renter base
- Risks: lighter walkable groceries/cafés and below‑national school ratings may influence certain tenant segments