Buchanan Street Partners, a real estate investment firm based in Newport Beach, California, announced it acquired a 354-unit multifamily community in McKinney as the company continues to invest in the Texas market.
The investment firm acquired the complex on behalf of Arnel & Affiliates, a private real estate firm in Costa Mesa, California, according to a Nov. 16 release. County records show a $56 million loan was used to finance the purchase, although exact financial figures were not announced.
The multifamily property at 1703 Rockhill Road opened in summer 2021. It was built by JPI, a national multifamily developer, builder and investment manager. Rent at the property starts around $1,600 a month.
Jefferson Terrace features a resident lounge, game room, swimming pool, dog park, putting green and fitness center.
“Jefferson Terrace represents an exceptional, long term investment opportunity to acquire Class A apartment units with resort-style amenities and a stabilized occupancy, located near major employment centers in a submarket with strong fundamentals and long-term forecasted growth,” said Kevin Hampton of Buchanan Street Partners.
The suburb about 32 miles north of Dallas is the fourth-fastest growing city in the country since 2010, according to U.S. Census Bureau data. The city’s consistent growth makes it an attractive market for multifamily investment.
The McKinney property is Buchanan’s fifth acquisition in Texas in the past two years. It acquired properties in Grand Prairie, Rowlett, Dallas and Fort Worth. Buchanan has expanded its footprint in Dallas-Fort Worth due to the strong multifamily market and future growth projections.