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Texas  + Dallas-Fort Worth  + Apartments  | 
Sphinx Building 260 unit affordable project in McKinney

Affordable Housing Project Underway in McKinney

The development, 380 Villas, is set to open in east McKinney in 2024. Sphinx Development is overseeing the $65 million affordable housing project.

Tenants eligible for this community must make 60% or less of the area’s median income of $97,400. The project received a 4% housing tax credit from the town, which will allow the units to be rented out at a reduced rate. Other funding for the project came from tax-exempt bonds and a multifamily direct loan from the Texas Department of Housing and Community Affairs. 
The project, on 14 acres, will include 260 units—36 studio apartment units, 82 one-bedroom apartment units, and 120 two-bedroom units and 22 three-bedroom units. Monthly rental rates will average between $866-$1,400 depending on unit size and income restrictions on the unit.

The full-service community will have a pool, a playground, a half-court basketball court, a clubhouse with coworking space, a dog park and more.



 



 


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About Mike Boyd

Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.

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