Over the past seven years, Pedcor has been expanding its presence as a developer, manager, and owner in the Texas market, and that expansion has now reached McKinney, one of the fastest growing suburban cities in the Dallas area and in the country.
Mill Stream Apartment Homes
On February 17, 2023, financing for Mill Stream Apartment Homes was closed, allowing for the commencement of construction activities. The 240-unit multi-family development will be affordable for McKinney’s workforce and families earning up to 60% AMI. Mill Stream is located near Highway 75 and on the corner of Wilmeth Road and Community Avenue, across from McKinney North High School. The community is both convenient and accessible for future residents and will include a clubhouse plus 10 three-story residential buildings consisting of one, two, and three-bedroom apartment homes.
Mill Stream will have a covered pavilion with a sitting area, grills and picnic tables, a fitness center, a business center, garages and carports, and a laundry facility. Other site amenities will include a swimming pool with a splash pad, two playgrounds, a dog park, and a pickleball court. The individual apartment amenities include nine-foot ceilings in living rooms and bedrooms, abundant storage, covered patios/balconies, walk-in closets, a breakfast bar, and more.
The development will provide additional new rental housing stock at an affordable level, meeting the demand for new affordable housing in the area, and assisting in facilitating economic development by providing low-cost housing to new job entrants. Pedcor Management Corporation will manage the development, which is in line with Pedcor’s belief that the management of an apartment community is the key element for its ongoing success. The on-site management office will be staffed with an experienced full-time manager, leasing staff, and maintenance supervisor. Mill Stream will provide stable, inclusive, and quality rental housing for residents of McKinney. It is one of 189 apartment communities in the Pedcor Companies’ portfolio, which includes 20 developments in Texas.
Commencement of construction is anticipated in the first quarter of 2023 by Signature Construction, LLC with completion scheduled in the second quarter of 2025. The affordable housing community will be Pedcor’s first in McKinney and the third development in the Dallas-Forth Worth metro area which includes The Residences of Long Branch and Denton Grove. This is made possible through collaboration and investment from Mill Stream Housing Company, LLC.
Pedcor Companies is a full-service development, construction, property management, banking and finance team committed to creating stable, inclusive, and quality rental housing across the nation. We are cultivating thriving communities. For more information, please visit our website.
Pedcor supports the federal fair housing act and all state and local laws prohibiting discrimination in housing with regard to race, color, religion, national origin, sex, familial status, handicap, creed, sexual orientation, gender identity, and lesbian, gay, bisexual, transgendered (LGBT+) individuals. Pedcor is an equal opportunity provider and employer.