Construction on an 11-building apartment venture will soon be underway in McKinney. The city council approved the apartments as part of a mixed-use development back in June.
Community Impact reports that Trammell Crow is heading up the project, which consists of 248 apartment units. The project is going in along Grapevine Mills Parkway. The estimated cost of the apartments is $38 million. The company expects to be done with the multifamily project in early 2028.
At the same time the apartments were okayed, the city council also approved three hotels totaling 750 rooms. The first hotel will be a six-story, 220-room Sandman Signature Hotel on the 28.7-acre development site. The development will include a 275-seat full-service restaurant inside the Sandman Signature Hotel, 4,000 square feet of banquet space and the two other hotels.
The city of Grapevine currently has just under 6,000 hotel rooms across more than 20 hotels.
CBRE’s latest multifamily research shows an improvement in market fundamentals as U.S. apartment rents grew slightly in the third quarter and new construction continued to slow. Average apartment rents rose by 1% year-over-year and 0.5% quarter-over-quarter to $2,268, the brokerage found. Positive performance in across the Midwest, Northeast and Pacific regions supported rent growth, with...
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Berkadia has closed a $219 million Fannie Mae loan to support the modernization of a 984-unit affordable housing community that was originally built in 1951 in Manhattan’s Washington Heights neighborhood. The 15-year permanent loan forms part of a $669 million capital structure that also includes an approximately $214 million subsidy from New York City and...
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Cunat, Inc. announced the launch of Cunat Exchange X DST, which is seeking to raise $56.17 million. The DST owns The Residence of Fox Meadows, a newly developed 540-unit multifamily community in McHenry, Illinois, approximately 50 miles northwest of Chicago. Cunat developed The Residence of Fox Meadows and sold the property to the DST for...
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