Affordable housing project to generate $19.7M in local salaries and more than 200 new jobs in McKinney area
Addison, Texas, January 14, 2016 – KWA Construction, a leading general contractor specializing in multifamily developments, has started construction at Post Oak Apartments, a 182-unit affordable housing rental complex in McKinney, Texas, on behalf of owner, McKinney Millennium II, LP and developer, Ground Floor Development. Post Oak Apartments will be built with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program and will offer 52 units at competitive market rental rates, with the remaining 130 units available to families and individuals earning 60 percent or less of the Area Median Income (AMI). The community is located on a 6.991-acre land parcel at the Southeast quadrant of the McKinney Ranch Parkway and Collin McKinney Parkway intersection.
“The start of this project is especially exciting as Post Oak Apartments will have an immense and positive impact on the McKinney area, with the project expected to generate $19.7 million in local salaries and to create more than 200 new jobs in the community once completed,” said Brian Webster, Vice President of KWA Construction. “We’ve worked with GroundFloor Development successfully in the past and expect the same with Post Oak.”
Designed by Architecttura, Inc., the six wood frame buildings will feature a majority masonry exterior using a mix of brick and cultured stone products. The four-story, elevator-served apartments will offer one-, two- and three-bedroom units. Notable tenant amenities will include a 5,978-sq-ft leasing center and clubhouse with a fitness center, business center, laundry facility and resident lounges with a kitchen, as well as individual patios or balconies. The centralized location of the 247,093-sq-ft development will provide easy access to medical centers, schools, employment and recreation facilities.
Boston Capital, a real estate investment and advisory firm specializing in equity investments in affordable multifamily housing and market rate apartment communities, is the investor of the construction of Post Oak Apartments.
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About KWA Construction
KWA Construction is a Dallas-based construction firm specializing in multifamily developments. As general contractors, our team of experts has developed a reputation for being among the best in our industry. Founded in 2004, KWA Construction serves from a foundation of values created and realized by each individual who works in our organization. We strive to set the standard for excellence at the beginning of a project and carry that high standard throughout every process and estimate to ensure clients receive the greatest value at the right cost, every time. For more information about KWA Construction, visit www.kwaconstruction.com.
Arden Elliott, Cooper Smith Agency
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