CBRE announced the sale and financing of Parkside at Craig Ranch, a 1,824-unit, five-phase multifamily community within Craig Ranch, a 2,200-acre master planned community in McKinney, Texas. The sale marks the largest single-asset multifamily transaction in Texas history.
Funds sponsored by Harbert Management Corporation purchased the property from Columbus Realty Partners. Danny Baker, Johnathan Makus, Nita Stewart, Chandler Sims, Kevin O’Boyleand Mikey Bryant with CBRE Capital Markets’ Dallas Multifamily team represented the seller.Mike Bryant, Jon Wooton and Kathryn Womble with CBRE’s Debt & Structured Financing (DSF) team arranged a $242 million loan on behalf of the buyer.
“Investors were drawn to the opportunity to acquire Parkside at Craig Ranch due to its size, differentiated product, northern suburban location, and cashflow resiliency through COVID followed by immense rent growth throughout 2021,” said Baker, executive vice president with CBRE. “This acquisition is truly a unique opportunity for scale in a high-quality location.”
“This five-phase fortress suburban asset is an exceptional and uniquely-located property that received overwhelmingly strong interest from the lending community,” said Bryant, Vice Chairman and Managing Director with CBRE’s DSF team. “Our team is incredibly proud to be part of this record-breaking transaction.”
Constructed between 2013-2021, the property’s new owners are likely to modernize unit interiors in Phase 1 and upgrade technology throughout the project. The five phases total 1,536,189 sq. ft. of net rentable space and offer tenants market differentiating amenities including an on-site convenience store, multiple fitness centers and a centralized workroom with private offices.
CBRE Dallas Multifamily has held the #1 rank in DFW multifamily investment sales since 2018. The team has marketed and sold $5.6 billion year-to-date, including nearly $2.8 billion in Class A and new construction assets.