Affordable housing project finalized with LIHTC tax credit equity in McKinney
Addison, Texas, January 4, 2017 – KWA Construction, a leading general contractor specializing in multifamily developments in Texas, has completed construction of Post Oak Apartments, a 182-unit affordable housing rental complex on behalf of owner McKinney Millennium II, LP and developer GroundFloor Development. The complex, which was completed with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program, is renting 130 of the units to families and individuals earning 60 percent or less of the Area Median Income (AMI), and the remaining 52 at competitive rental market rates.
“With the population steadily increasing and a limited number of affordable workforce housing options currently available, Post Oak Apartments provides a much-needed housing option to the residents of McKinney,” said Brian Webster, President of KWA Construction.
Constructed on a nearly 7-acre land parcel in McKinney, KWA completed the buildings using a 100 percent masonry brick and natural stone exterior. Architettura Inc. designed the four-story apartments that are offering one-, two- and three-bedroom units with hardwood flooring, central air conditioning, dishwashers, microwaves, washer and dryer hookups and individual patios or balconies.
Notable tenant amenities include a 5,978-sq-ft leasing center and clubhouse with a fitness center, business center, laundry facility, swimming pool and resident lounges with a kitchen. Centrally located at the Southeast quadrant of the McKinney Ranch Parkway and Collin McKinney Parkway intersection, Post Oak Apartments provides 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, was 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 Hensarling, Cooper Smith Agency