GFI Acquires Newly Built Dallas-Area Community

Davis Development sold Venue Craig Ranch, a 277-unit, garden-style multifamily property in McKinney, Texas. The buyer is an affiliate of GFI Capital Resources.

Venue Craig Ranch in McKinney, Texas
Venue Craig Ranch in McKinney, Texas

An affiliate of GFI Capital Resources Group has acquired Venue Craig Ranch from Davis Development. The sale was subject to a $34 million Freddie Mac loan. The 277-unit community in McKinney, Texas, was completed earlier this year.

Located at 4651 S. Custer Road, the seven-building multifamily asset features one-, two- and three-bedroom apartments ranging from 661 to 1,469 square feet. Community amenities include a fitness center, business center, clubhouse and a swimming pool. Venue Craig Ranch is 87 percent occupied and offers granite countertops, wood plank floors and stainless steel appliances. The property is situated a few miles from multiple schools, including Lucille Rogers Ashley Elementary School, Nelson Middle School and Independence High School.

The deal comes a few months after ZOM Living broke ground on Kinstead, a 376-unit McKinney luxury community, four miles from Venue Craig Ranch.

Image courtesy of GFI Capital Resources Group