A CBRE-sponsored fund purchased the 376-unit luxury property. The seller developed the asset using a $35.8 million construction loan from Texas Capital Bank.
ZOM Living has sold Kinstead, a 376-unit garden-style community in McKinney, Texas, to a fund sponsored by CBRE Global Investors. Newmark Knight Frank represented the seller.
Located at 5701 McKinney Place Drive on 12.3 acres, the six-building property is just off Highway 121. The surrounding area has several retail and dining options, including Fairview Town Center, which is 3 miles from Kinstead. The asset is also within 2 miles of several schools, including McGowen Elementary and Scoggins Middle School.
Completed this year, the property comprises studio, one-, two- and three-bedroom apartments, with washer/dryer units and private patios/balconies. Common-area amenities include a fitness center, a clubhouse and two swimming pools. According to Yardi Matrix data, Kinstead also has 658 parking spaces. In 2017, Texas Capital Bank provided ZOM Living with $35.8 million in construction financing. Stanford Construction served as the general contractor of the project and JHP Architecture handled design.
Newmark Knight Frank’s team included Executive Managing Director Brian O’Boyle Jr. and Vice Chairman Brian Murphy. Earlier this month, another team of the brokerage company financed the purchase of a Dallas community with a $19.8 million loan. Crow Holdings Capital sold the 125-unit property to SPI Advisory.
