McKinney | July 2022

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OPTION ADDING AN Two rental home communities are already in the city, and more are coming. This list is not comprehensive.

BLOOMDALE RD.

WESTON RD.

CASPIAN BLVD. 8

9 MANSIONS BLVD.

BLOOMDALE RD.

LAUD HOWELL PKWY.

SKYLINE DR.

IDYLLIC PL.

Avanterra Lake Forest is a newer planned development.

380

AVANTERRA LAKE FOREST

Key Completed In progress

• Units: 123 • Price range: TBD

AVILLA NORTHSIDE

V I R G I N I A P K W Y .

• Status: construction slated for fall; preleasing to start in spring 2023 • Website: www.avanterrahomes.com/ communities

1212 Community Ave.

• Units: 118 • Price range: $1,721-$2,951 • Status: completed • Website: www.avillanorthside.com

ROCKHILL RD.

ELDORADO PKWY.

ELEVATE AT SKYLINE

AVENDALE

1999 Skyline Drive

• Units: 276 • Price range: TBD • Status: under construction; set to open this fall • Website: www.avanta

• Units: 136 • Price range: $1,620-$2,455 • Status: completed • Website: www.morgan-properties.com/ apartments/tx/mckinney/skyline/

MCKINNEY RANCH PKWY.

STACYRD.

residential.com/ our-communities/

MAP NOT TO SCALE N

SOURCES: VARIOUS DEVELOPERS, CITY OF MCKINNEYCOMMUNITY IMPACT NEWSPAPER

NOTE: DATA ACCURATE AS OF JULY 8.

and a few more with zoning already in place are laying groundwork for more of these single-family rental communities. The upcoming develop- ments include single-family detached houses, townhomes and duplexes. “We’ve denitely seen a big uptick in this type of development over the last year or two,” McKinney Director of Planning Jennifer Arnold said. The city estimates it will add about 500-1,000 of these housing units in the next three to ve years, she said. Phil Crone, executive ocer with the Dallas Builders Association, said there are about 4,200 of these types of homes in the area, which makes up about 5%-7% of the market, he said. “It has been increasing, especially in light of the challenges that housing has seen overall,” Crone said. How it works While these communities are often referred to by their developers as sin- gle-family homes, the city of McKin- ney’s planning sta notes that these are multifamily developments, Arnold said. The city refers to these as “cot- tage multifamily” projects. Among the projects is Legacy at McKinney, developed by Hanson Capital Group at the southeast corner

of Rockhill Road and North Brook Drive. Additionally, two more proj- ects are coming to the Painted Tree master-planned development at US 380 and Lake Forest Drive. These are Avendale and Cyrene at Painted Tree. San Antonio-based AHV Com- munities also announced a 157-unit rental home community project in July that will come to Custer Road and US 380. Hanson Capital Group Principal Chris Hanson said these types of proj- ects oer better amenities than most apartment complexes. Any repairs or improvements that need to be made are taken care of by the management company, including lawn care, similar to apartment homes, he said. In addi- tion, these developments oer on-site amenities, such as community centers, pools, tness centers and trails. “If you’re renting an apartment, you could also look at renting one of our units,” he said. “But it comes at a price. These units are going to be more expensive than a conventional high- er-density apartment community, but not as much as you might think.” Hanson Capital Group’s Avilla Northside community had oor plans available as of July 8 ranging from

aordable housing options a priority in the city as home values and rents rise. The median sales price of a home in McKinney has increased nearly 77% in the last ve years, per data from the Collin County Association of Realtors. Rents for McKinney apartments have increased more than 20% over the last year, according to Apartment List. While single-family rentals cost more in monthly rental costs than tra- ditional aordable housing units, this does add an option to help ll in the “missing middle,” Arnold said. Miss- ing-middle housing oers between two and eight units, typically in the form of duplexes, triplexes, fourplexes or townhomes. This is a housing type the McKinney Council is focused on as it prioritizes housing attainability and aordability, Arnold said. City Council Member Patrick Clout- ier has voted to approve two sin- gle-family rental community projects since he was elected in January. Both projects were unanimously approved by council members. One project he voted for was in April, which was a development for duplexes for rent by Craig International at Stacy and Custer roads. These duplexes could eventually transition into prod- ucts for sale rather than for rent, he

$1,721-$2,951, according to its website. Tom Woliver, co-president and founder of Oxland Group, the rm behind Painted Tree, said these devel- opments will attract a variety of res- idents as more people choose to be renters. “It’s hard to nd a home, and [rent- als are] just a great way to get into a community like McKinney and gure out if this is the right t,” he said. Choosing McKinney With his two projects in McKinney, Hanson said the city oered a prime location close to the Dallas area that still had land available to develop. “We wanted something that had some conventional apartments in the marketplace, which we think we’ll draw a lot of tenants from, as well as predominantly single-family commu- nities,” he said. “And we wanted it to be in an area that was continuing to develop.” Woliver added that these types of communities provide a more attain- able housing option than purchasing a traditional single-family home. “It’s more aordable to rent than own because of interest rates and the cost of housing,” Woliver said. The city of McKinney has made

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