McKINNEY - The Avenues at Craig Ranch, a newly constructed 334-unit apartment community, has been sold for approximately $42.4 million dollars to Trade Street Residential (TSRE).
The Class A complex offers one-, two- and three-bedroom units that range from 667 sf to 1,583 sf at 8700 Stacy Rd. One- and two-car garages are also offered on some units.
Florida-based TSRE obtained a mortgage of $21.2 million and used a portion of the cash received from its recently closed rights offering to fund the purchase price. See TSRE's San Antonio Terrace at River Oaks sold for $22.5M.
Read more at GlobeNewswire.
Listen to Podcast 209 for this story and others from around Texas.
Our twice-weekly e-newsletter provides a quick overview of Texas real estate markets. Because your time is valuable.