(Read more on the multifamily market.)
McKINNEY, TX-Western Rim Investment Advisors Inc. has secured 28 acres of multifamily-entitled land at a prominent freeway junction. The listing had drawn inquiries from nearly every major multifamily developer working the Dallas/Fort Worth terrain.
The dirt was on the market less than three months, according to Mark Freeman, vice president of Transwestern Dallas. Key to its quick all-cash sale is its location: the northwest quadrant of US Hwy. 75 and Texas 121, a development site bisected by the proposed extension of Collin McKinney Parkway. Comparably priced multifamily-designated land is going for $7,000 to $10,000 per unit. The just-sold dirt could hold up to 672 units.
The Western Rim point men have told local leaders that the plan is to build 440 to 460 units of the Estates brand, touted as an all-inclusive lifestyle with private club privileges. If the developer keeps to the original plan, the McKinney project would be the fourth development for the brand.
"We had calls from just about every major developer on this site," Freeman tells GlobeSt.com. "Western Rim made the first serious offer. They decided they wanted it and they went after it." The development site abuts a country club and sits behind a vehicle dealership along US Hwy. 75's service road.
Western Rim, a quietly run company based in the North Texas city of Colleyville, prefers to play its deals close to the vest so all the details aren't readily available. Western Rim's top executive didn't return telephone calls by press time to discuss the development, but word on the street is he hopes to break ground as soon as city officials bless the site plan. It's also rumored that Western Rim will fund all or part of the cost for the Collin McKinney Parkway section that bisects its land due to the value-add it will gain when the road's completed.
Freeman and outgoing Transwestern vice president Armand Charbonneau had marketed the land for a family trust from Dallas, which had bought up hundreds of acres during the 1970s. The single-family development of El Dorado Estates took down most of the acreage and the rest was placed into a land bank. Western Rim's new buy is one of the seller's last large tracts.
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