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Jones Lang LaSalle Americas. Inc. or its state-licensed affiliate has been exclusively retained to offer an opportunity for qualified investors to purchase the fee simple interest in Norra (the “Property”) a 347-unit asset located in Lewisville, TX. Completed in 2021, the Class A community is situated less than a mile from Lewisville Lake. Additionally, Norra is ideally located along I-35 providing connectivity to the entire Dallas/Fort Worth Metro as well as immediate access to major demand drivers such as DFW International Airport, Music City Mall Lewisville, and Grandscape.
Well Positioned Asset with Great DFW Connectivity – Norra is positioned along I-35 E with immediate access to Highway 121 and the Sam Rayburn Tollway and sits equidistant from Downtown Dallas and Downtown Fort Worth. Additionally, the property is less than 1.5 miles from Lewisville Lake which offers opportunities for fishing, swimming, and various water sports.
Strong Lease Up with Minimal New Supply – The Property has experienced a strong performance throughout lease up, demonstrated by averaging a pace of 45 leases per month over the last 3 months. The surrounding area has extremely limited supply with only 489 units in lease up and no new construction. Additionally, lease trade out rents in the area have seen 5-15% growth providing exceptional growth opportunities as the Property begins to experience roll over.
Low Density with Unique Garage Offering – Norra offers an extremely low-density environment with only 13 units per acre. Additionally, among the surface parking, the Property boasts 108 breezeway garages and 18 detached garages with a 1.62 spaces per unit parking ratio. Significant Neighboring Employment Centers – The following major employment centers are within 20 minutes of Norra:
▷ Medical City Lewisville – An award winning 186-bed hospital with over 800 employees with the county’s only pediatric emergency room
▷ Legacy Business Park – A 2,655-acre master-planned community housing the greatest concentration of major corporate headquarters in the southern United States with tenants including Toyota (7,000 employees), JPMorgan Chase (6,000 employees), Liberty Mutual Insurance (5,000 employees), and FedEx (1,220 employees).
▷ Platinum Corridor – A thirteen mile stretch along the Dallas North Tollway that is home to an impressive mix of national bluechip firms, regional branch offices, and local businesses totaling 23 million square feet.
Best-in-Class Community Amenities – The property offers residents top of the line amenities. The resort style pool includes lounge and tan areas as well as a plunge pool. The community center houses a resident lounge with game room, kitchen and dining room, a top of the line fitness center, and an outdoor beer garden with a grilling deck and games.