Dallasnews.com:
A Denver developer has purchased land in McKinney’s newest residential project with plans to build a large rental community.
Avanta Residential plans to build 276 rental homes and townhomes in the 1,100-acre Painted Tree community near U.S. Highway 380.
Avanta purchased 27 acres in the huge Painted Tree project, which is planned for thousands of new Collin County homes built mostly for sale.
“With this acquisition, Avanta continues its focus to work with best in class master-planned community developers and top tier land developers in the U.S.,” Avanta President Jim Dobbie said in a statement. “This newest neighborhood is within the Painted Tree development in McKinney and fits a formula that is in the center of the bulls eye for our business plan.”
Along with the rental home, Avanta’s planned project will include a club room, fitness center, swimming pool and other outdoor spaces.
Construction is set to start in November with the first rental homes available in November, Avanta will break ground at Painted Tree and deliver the homes in mid 2023.
The Painted Tree community is a project of Dallas’ Oxland Advisors and New York-based JEN Partners.
Plans call for about 3,400 homes in the project, with purchase prices starting near $300,000.
The City of McKinney recently acquired 230 acres in Painted Tree for a public park with athletic fields, recreational facilities, and future community and economic development projects.
The Avanta project is the first rental development announced at Painted Tree.
“We’re excited to have Avanta as part of the Painted Tree Master Plan,” Tom Woliver, Co-President at Oxland Group, said in a statement. “Avanta brings a well-designed program that aligns with the Painted Tree vision of providing a wide range of housing options and a high level of amenities that today’s consumer is demanding.”
Colorado-based Avanta was founded last year and is an affiliate of El Paso-based apartment builder and developer Hunt Cos.
Hunt Cos. has a track record of $9 billion in projects, including master-planned communities in Texas and Hawaii.
Avanta Residential is just the latest rental home building company to announce plans for new projects in North Texas.
With high purchase prices locking more residents out of ownership, rental homebuilders are targeting the Dallas-Fort Worth area for new projects.
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