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Land Buy Clears Way for 330-Unit Apartment Project

MCKINNEY, TX-Phillips Development & Realty LLC closes on the $2.9 million acquisition of 13.8 acres in the McKinney Ranch master-planned community.

By John McCloud | Updated on September 03, 2007

(Read more on the multifamily market.)

MCKINNEY, TX-Phillips Development & Realty LLC (PDR) closed on the $2.9 million acquisition of 13.8 acres in the McKinney Ranch master-planned community. The Tampa-based company will use the site for development of Hudson at McKinney Ranch, a 330-unit, urban-format class A apartment complex that will be its third major project in Texas.

According to Donald Phillips, managing director of PDR, the city of McKinney has experienced strong population and employment growth in recent years, with both more than doubling since 1990. He says it is poised for continued growth. “Our sights were drawn to this bright spot, which is becoming the nexus of growth in North Texas,” he tells GlobeSt.com.

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