Boston Capital is investing in the construction of Post Oak Apartments, a 182-unit apartment community for individuals and families located in McKinney, Texas. The owner is McKinney Millennium II, LP and the developer partner is GroundFloor Development, based in Dallas, Texas.
Post Oak Apartments will be built with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program. One hundred thirty homes will be available to families and individuals earning 60 percent or less of the Area Median Income (AMI). Fifty-two units will be offered at competitive market rents.
“We are excited to invest in the construction of 182 homes for individuals and families in McKinney, an area with a fast growing population, excellent schools and a diverse economy. Post Oak Apartments represents Boston Capital’s fourth investment with our friends, Alan McDonald and Brandon Bolin of GroundFloor Development,” said Jack Manning, president and CEO of Boston Capital. “Residents will benefit from the apartment community’s outstanding location near medical centers, schools, employment and recreation facilities.”
Located 30 miles north of downtown Dallas, Post Oak Apartments will consist of six four-story, elevator-served buildings offering 56 one-bedroom, 94 two-bedroom and 32 three-bedroom units with attached enclosed garages. Units will feature central air conditioning, dishwashers, microwaves, mini blinds, washer and dryer hookups and individual patios or balconies. The apartment community will feature barbecue grills and a 5,978 square foot single-story leasing center and clubhouse building with a fitness center, a business center, a common laundry facility and community rooms with a kitchen.
The construction of Post Oak Apartments will generate $19.7 million in local salaries and create more than 200 new jobs in the McKinney area. Boston Capital’s investment in this development adds 182 more homes to its apartment portfolio. To date, Boston Capital has invested in nearly 22,100 units affordable apartments in Texas.
About Boston Capital:
Boston Capital, headquartered in Boston, MA, is a real estate investment and advisory firm specializing in equity investments in affordable multifamily housing and market rate apartment communities. Boston Capital’s holdings include more than 1,990 multifamily apartment properties in 49 states and the District of Columbia, constituting nearly 140,000 apartment homes with a development cost in excess of $16.1 billion. Boston Capital is one of the largest owners/investors of apartment properties in the United States.