CONAM Multifamily Partners Fund III Purchases Arise Craig Ranch in McKinney, Texas
CONAM Multifamily Partners Fund III, a discretionary fund sponsored by The CONAM Group (CONAM), is pleased to announce the purchase of Arise Craig Ranch, a 270-unit Class A multi-family community in McKinney, Texas, one of Dallas' fastest-growing northern suburbs. This property arrives alongside another Class A multi-family community in Dallas, the 300-unit ALMA On Maple. These latest additions to CONAM's portfolio expand the company's growing footprint in the state of Texas.
Completed in 2018, Arise Craig Ranch boasts common area amenities including a saltwater pool, resident lounge and billiards room, several courtyards, two-story fitness center, movie theater, dog park with a pet grooming salon, and business center with productivity spaces. The unit mix is well diversified with one- (35%), two- (47%), and three-bedroom (18%) floor plans. Unit interiors are spacious with 9-foot ceilings and include gourmet kitchens featuring stainless-steel Energy Star appliances, granite countertops, custom tiled backsplashes, modern cabinetry, designer hardware and lighting, and spa-quality bathroom finishes.
"CONAM has been focused on expanding our activities in the Dallas-Fort Worth MSA given the continued population and job growth in the market. We are very pleased with the additions of Arise Craig Ranch and ALMA On Maple as they close out CONAM's investment activity for Fund III," says Jack Cleary, CONAM's Southeast Acquisitions Director. "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. CONAM is equally excited to cater to medical industry personnel, who we are confident will enjoy the upscale atmosphere of AMLA On Maple while being within walking distance to top medical employers."
Located just north of SH-121 and approximately five miles from the Dallas North Tollway and US-75 in the Craig Ranch master-planned community, Arise Craig Ranch provides residents access to several major thoroughfares and the growing corporate, retail, and entertainment districts in the suburbs of Frisco, Allen, and Plano. Granite Park, Legacy Business Park, and the North Platinum Corridor are all within a short drive. Additionally, the property is near some of Dallas-Fort Worth's finest retail and entertainment destinations including The Shops at Legacy and Stonebriar Centre.
Situated 30 miles south of Arise Craig Ranch, ALMA On Maple joins the CONAM portfolio after the closing of this asset for a long-term partner. The Class A property offers some of the most luxurious and largest studios (6.67%), one- (65%), and two-bedroom (28.33%) floor plans in the area. It resides in the desirable Medical District of Dallas, Texas, providing luxury housing to top employers, such as UT Southwestern Medical Center, Texas Health, Baylor University Medical Center, HCA Healthcare, Methodist Dallas Medical, and Southwest Airlines.
Looking ahead at additional properties on the horizon, CONAM has a new development in progress with the construction of The Minn, a 91-unit Class A asset scheduled to open in 2025. This community features stylish townhomes, flats, and mezzanine apartments, and sits within walking distance of the historic Golden Hill neighborhood, located south of Balboa Park in San Diego, California. Future residents will enjoy scenic views, plus indoor and outdoor amenities, and are steps from some of San Diego's best cafes and restaurants. The Minn is developed as a partnership between CONAM and cREate Development. To stay updated on CONAM's full portfolio, visit www.conam.com.
ABOUT THE CONAM GROUP
Founded in 1975, The CONAM Group (CONAM) is a multi-disciplined real estate investment and services firm based in San Diego, California. With over four decades of experience and trusted results, it is recognized as one of the nation's most astute multifamily companies and has been named to NMHC's Top 50 Managers List. CONAM's mission is to deliver best-in-class execution in all provided services, which include property management services; property acquisition and due diligence; project development; investment and asset management; and renovation and construction management. The company's portfolio features over 60,000 units managed and over 500 properties managed, across 26 metropolitan areas in 11 states.
News published on and distributed by:
