Morgan Properties has acquired the recently constructed parcHaus single-family rental community in McKinney, Texas, from Provident Realty Advisors. The company will rebrand the build-to-rent community in the Dallas-Fort Worth region as Elevate at Skyline.
The 136-unit Elevate at Skyline, located at 1999 Skyline Drive, offers one-, two-, and three-bedroom residences, ranging from 623 square feet to 1,298 square feet. The one- and two-story homes feature private backyards, front and rear patio areas, smart thermostats and locks, energy-star appliances, quartz countertops, in-unit washer and dryers, and modern design finishes. Select units have an attached, direct-access garage.
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Elevate at Skyline is a gated community, with resident amenities including a business center, a clubroom, a fitness center, a barbecue area, a pickleball court, a pool, a dog park, a putting green and a central linear park.
“The build-to-rent sector, based on the fact that we like the suburban housing environment, is really attractive. We see great fundamentals in that sector, including unbelievable rent growth and increased demand,” Jason Morgan, principal & president of Morgan Properties Special Situations, told Multi-Housing News.
Elevate at Skyline is located at the northern edge of the Dallas-Fort Worth market, near Highway 380 and I-75. Residents are close to area shopping and business centers including The Raytheon Campus and Allen Premium Outlets, as well as Collin College, local and international airports and state-of-the-art healthcare facilities.
The transaction represents Morgan Properties’ first build-to-rent acquisition and its third rental community in Texas, with the firm now owning and managing about 1,000 units in the state. The company’s portfolio encompasses 345 multifamily properties, with a total of more than 93,000 units, across the country, with more than 20 percent in the Sun Belt.
“Early into the COVID pandemic, we took an aggressive approach to expand our portfolio throughout the broader Sun Belt. The trend has been in our favor. There has been unbelievable growth within those markets, including Texas, Florida, the Carolinas and Georgia. These are markets that 36 months ago we were not in, and now we are in all of them in a materially significant way,” Morgan said.