Parkside at Craig Ranch is Largest Single-Asset Multifamily Transaction in TX History

The sale of Parkside at Craig Ranch, a 1,824-unit five-phase multifamily community within Craig Ranch, marks the largest single-asset multifamily transaction in Texas history. Funds sponsored by Harbert Management Corporation purchased the property from Columbus Realty Partners.

Danny Baker, Johnathan Makus, Nita Stewart, Chandler Sims, Kevin O’Boyle and Mikey Bryant with CBRE represented the seller. Mike Bryant, Jon Wooton and Kathryn Womble with CBRE arranged a $242 million loan on behalf of the buyer.

“Investors were drawn to the opportunity to acquire Parkside at Craig Ranch due to its size, differentiated product, northern suburban location and cash-flow resiliency through COVID followed by immense rent growth throughout 2021,” said Baker. “This acquisition is truly a unique opportunity for scale in a high-quality location.”

Parkside at Craig Ranch is located in the 2,200-acre master-planned community in McKinney.

“This five-phase fortress suburban asset is an exceptional and uniquely located property that received overwhelmingly strong interest from the lending community,” said Bryant with CBRE’s debt and structured finance team.

Constructed between 2013 and 2021, the property’s new owners are likely to update unit interiors in Phase 1 and upgrade technology throughout the project. The five phases total 1.5 million square feet of net rentable space.