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Boston investor snaps up luxury Plano apartment tower

The Kincaid at Legacy high-rise on the Dallas North Tollway has sold

A Boston investor that paid one of the highest prices ever for a Plano office building four years ago has bought the apartment tower next door.

Intercontinental Real Estate Corp. purchased the 25-story Kincaid at Legacy apartment tower on the Dallas North Tollway near Legacy Drive. The tower is just east of the $3 billion Legacy West development.

The 300-unit luxury rental high-rise was developed by Trammell Crow Co.'s High Street Residential division and Principal Real Estate Investors.

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High Street and Principal also developed the adjoining 13-story Legacy Tower office building, which sold to Intercontinental Real Estate in 2016 for an estimated $140 million.

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Intercontinental Real Estate is a property investment and management company that has commercial and residential buildings across the country.

Completed in 2018, the Kincaid at Legacy was the first high-rise apartment project to open in Collin County.

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Rents start at near $1,500 a month, with apartments ranging in size from 677 square feet to more than 4,500 square feet.

The Kincaid has a 2,383-square-foot fitness center, a resident lounge with a media screening room, a billiard room, an entertainment kitchen, conference rooms, a business center, two swimming pools and a seventh-floor amenity deck that has a dog park and lounge areas with views of the surrounding retail district.

Terms of the sale to Intercontinental Real Estate were not disclosed in deed records.

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The acquisition was financed with a $73.75 million loan from Capital One National Association.

The Kincaid at Legacy sale is the latest in a series of high-profile property transactions in Legacy business park in recent months.

Two large corporate office campuses — the Keurig Dr Pepper Texas offices and Rent-A-Center’s headquarters — just sold to developers who are revamping the buildings.

The Kincaid at Legacy was the first high-rise apartment building to open in Collin County.
The Kincaid at Legacy was the first high-rise apartment building to open in Collin County.(High Street Residential)