A California investor has snapped up a McKinney rental community.
A fund sponsored by San Diego-based Conam Group purchased the Arise Craig Ranch apartments, a 270-unit property north of State Highway 121 in the Craig Ranch community.
Built in 2018, the apartment community at 7201 South Custer Road includes a saltwater swimming pool, resident lounge, several courtyards, two-story fitness center, movie theater, dog park and business center.
The McKinney rental property is Conam’s second recent Dallas-area purchase. The investor also acquired the 300-unit Alma On Maple near Dallas’ Southwestern Medical District.
“Conam has been focused on expanding our activities in the Dallas-Fort Worth area given the continued population and job growth in the market,” Conam’s Jack Cleary said in a statement. “Arise Craig Ranch is a stunning community within the purview of an award-winning school district in the Frisco ISD area, offering our residents top-notch education and employment opportunities.”
Rents in the community start at about $1,400 a month.
The property was acquired from apartment firm Cortland.
Founded in 1975, Conam Group has more than 60,000 rental units in 11 states.
Dallas-Fort Worth leads the country in apartment building sales with more than 30,000 units changing hands in the first half of 2023.
