MCKINNEY, TEXAS — Mid-America Apartment Communities has acquired a luxury apartment community in McKinney for $31.25 million. Times Square at Craig Ranch is a 313-unit property located directly across from a golf course within the master-planned community of Craig Ranch. Units in the five-story community average 1,024 square feet, and amenities include a resort-style swimming pool. The property also contains a parking garage for residents and 80,000 square feet of ground-floor retail space.
Mid-America purchased the property from its construction lender. In a statement, Mid-America Executive Vice President and CFO Al Campbell said, “We are excited to be adding a community in the McKinney suburb to our Dallas portfolio. This fast-growing suburb consistently draws accolades for its quality of life and has been listed on numerous national rankings as a best place to move, live and raise a family.”
Craig Ranch is a 2,200-acre, master-planned community that is being developed by Craig International. Built in a New Urbanist style, the community includes a variety of residences built around The Players Club – Craig Ranch, a PGA golf course. The community's Town Center commercial district contains Times Square, a network of walking and biking trails, and a trolley bus transit system. Craig Ranch also contains a hospital with complementary medical office space, schools and park space. Future projects that are being proposed include The Palladium, which will consist of two high-rise condo towers and adjacent villas, and a potential four-star hotel.
— Coleman Wood