A 232-unit development in McKinney, Texas, is set to remain affordable for at least 30 more years.
April Housing, Blackstone Real Estate’s affordable housing portfolio company, announced that it has extended affordability at the development, which will undergo more than $19 million in renovations.
“At April Housing, preserving affordability sits at the heart of our mission,” said Perica Bell, head of preservation. “Extending affordability by at least 30 years for residents, while channeling new investment into improvements in their homes and shared spaces, is truly rewarding.”
Through the resyndication process, the communitywide renovation will upgrade residents’ homes, modernize building systems, and improve community amenities,
Built in 2003, Skyway Villas includes 232 apartment homes across 13 buildings. Residents will continue to enjoy access to on-site supportive services, including GED training, computer classes, and youth tutoring. The McKinney Housing Finance Corp. is the project’s public partner. ICON Builders will serve as the general contractor, and Benton Design Group will serve as the architect.
“Demand for affordable housing in our community continues to grow, and preserving the homes we have is essential,” said Tyler Underwood, president of McKinney Housing Finance Corp. “We’re proud to partner with April Housing to keep these homes affordable and to improve the quality of life for residents throughout McKinney.”
Financing included an equity investment and bridge financing from Wells Fargo and permanent loan financing from Wells Fargo and Freddie Mac.