Boston Capital announced it is investing in the construction of Post Oak Apartments, a 182-unit apartment community in McKinney, Texas.
The developer is Dallas-based GroundFloor Development.
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 no more than 60% of the area median income (AMI). Fifty-two units will be offered at competitive market rents.
A LIHTC syndicator and real estate investment firm, Boston Capital is investing $14.55 million in the development.
"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, in a statement. "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 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 is estimated to 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, the firm has invested in nearly 22,100 units affordable apartments in Texas.