Multifamily owner Morgan Properties has entered the hot build-to-rent market with the acquisition of parcHaus at Skyline, a 136-unit single-family rental community in McKinney, Texas.
The luxury property, purchased from Dallas-based Provident Realty Advisors, marks the owner’s third rental community in Texas as well as its first build-to-rent acquisition.
“For nearly four decades, Morgan Properties has been predominantly focused on acquiring larger Class B multifamily portfolios where we can bring our value-add expertise and create operational efficiencies,” said Jonathan Morgan, president of Morgan Properties JV. “While these opportunistic multifamily investments remain our focus, we also see immense opportunity in partnering with developers in the build-to-rent market and capitalizing on the growing popularity among renters for single-family homes that allow for more space and privacy.”
Rebranded Elevate at Skyline, the community is right outside the Dallas-Fort Worth area, providing direct access to shopping and business centers, local and international airports, and health care facilities.
Offering one-, two-, and three-bedroom homes, the newly constructed development provides private backyards for renters seeking more space and privacy. The homes also include smart thermostats and locks, Energy Star appliances, in-unit washers and dryers, and modern design finishes. The gated community is highly amenitized, with covered and garage parking, a pickleball court, a swimming pool, a business center, and a dog park.
“Single-family rental homes are in high demand in the Dallas-Fort Worth area, specifically in towns that boast a desirable quality of living, upper echelon school districts, and a robust employer base like McKinney,” said Jason Morgan, president of Morgan Properties Special Situations and principal. “This made acquiring Elevate at Skyline an easy decision for us, and one that will jumpstart our future interest in diversifying our portfolio through single-family rental communities, all while continuing to grow our presence in the thriving Sun Belt region.”
Morgan Properties, based in King of Prussia, Pennsylvania, ranks No. 3 on the National Multifamily Housing Council’s 2022 list of the top apartment owners. The company and its affiliates own and manage a multifamily portfolio comprised of 345 communities and over 93,000 units in 19 states.