Catalyst Urban Development has sold the 245-unit McKinney Village in McKinney, Texas. The new owner is an Equus Capital Partners-managed equity fund, while Madison Apartment Group—the company’s multi-family operating arm—will manage the property.
Newmark Knight Frank Executive Managing Director Brian O’Boyle Jr. worked on behalf of the seller. The brokerage’s Executive Managing Director Steve Comly and Associate Eric DeStefano secured acquisition financing for the new owner. The $30.7 million Freddie Mac loan matures in 2030, according to public records.
Situated at 201 McKinney Village Parkway adjacent to Medical City McKinney, the community is within 7 miles of several other health-care facilities, less than 1 mile from retail and dinning options and some 30 miles north of downtown Dallas. Completed in 2017, the asset consists of one- and two-bedroom floorplans in five three-story, village-style buildings. Common-area amenities include a clubhouse, fitness center, dog park, pool and community garden. The new owner will invest in improvements to the landscaping, corridors, lighting and exterior painting.
At the end of April, Catalyst Urban Development received construction financing for Riverfront Lofts in Waco, Texas. The project is the first multifamily portion of a major mixed-use project called The Riverfront that is taking shape through a public-private partnership between Catalyst and the City of Waco.