Another North Texas rental community has changed hands — this time in McKinney.
A fund sponsored by CBRE Global Investors has purchased the 376-unit Kinstead apartments near State Highway 121.
Developed by ZOM Living, the property was sold in an all-cash sale.
“This sale confirms the strength of the multifamily sector and the Dallas market, which currently leads the U.S. in institutional real estate investment volume,” Greg West, chief executive officer of ZOM Living, said in a statement.
Kinstead has six three-story buildings with rents in the property starting near $1,200 a month.
The apartment community is in an area seeing new office development and growing employment.
“Our Kinstead project is convenient to numerous retail and entertainment venues, excellent schools and the highest concentration of suburban corporate employers in the state of Texas,” said Jason Haun, ZOM’s development executive in Texas.
Brian O’Boyle Jr. and Brian Murphy of Newmark Knight Frank in Dallas brokered the sale.
It’s the latest recent Dallas-Fort Worth apartment purchase by investors during the pandemic.
“We consider Dallas a winning city with favorable structural characteristics that are expected to support long-term outperformance, making it a target apartment market for our strategy,” said Ben Green, senior director of multifamily acquisition for CBRE Global Investors. “Kinstead, in particular, with its high-quality, low-density design featuring generous common area space, is expected to remain in high demand in the post-COVID-19 world, where residents may need to work from home more frequently.”
ZOM Living is one of North Texas' busiest apartment builders.
The Florida-based firm is currently building a 41-story rental high-rise in downtown Dallas' Arts District called Atelier. And in Denton, ZOM Living just broke ground on a 378-unit rental community called Mezzo.
