Stratford Land announced on Tuesday that it has partnered with Dallas-based multifamily developer Zale Corson Group Inc. to purchase nearly 20 acres of land in McKinney. Located at the northwest corner of McKinney Ranch Parkway and Stacy Road, the land is zoned for multifamily development.
The purchase price and definitive plans for the property were not revealed.
"We believe this location and the lack of multifamily properties in the surrounding area make this property extremely desirable," Mark Zale, principal at Zale Corson Group, said in a news release. "We are pleased to partner with Stratford Land in this venture, which we believe has great potential, given the strong growth trend the city of McKinney has seen over the past decade."
Zale Corson Group has worked on several multifamily properties in the North Texas area. Most recently, the developer constructed a 240-unit, Class A apartment building, called The Encore, at the southwest corner of Ohio and McDermott in Plano.
"Partnering with Zale Corson Group, an experienced and well-known developer, Stratford Land is expressing a vote of confidence in the Dallas-area multifamily market, which is experiencing high demand and showing signs of continued growth," said Steve Sanders, Stratford Land's senior investment manager in Texas. "Stratford Land is excited to be a part of this ideally located development in the fast-growing city of McKinney, and we hope to become even more active in this area."
Charlie Corson, principal of Zale Corson Group, noted, "We anticipate the McKinney Ranch development will generate a high level of interest, not only for its convenience to many Dallas-area locations, but also because of the flexible, upscale lifestyle that multifamily properties offer to a variety of demographics."
The McKinney Ranch property is located approximately 40 minutes from downtown Dallas and a mere five minutes from downtown McKinney. The property is in the heart of the "121 Corridor," an area with strong school districts, developed commercial real estate, popular retail and entertainment, and countless corporate offices -- all connected by State Highway 121/the Sam Rayburn Tollway.
Along with its decades of proven success as land investment managers, Stratford also provides non-recourse financing for a variety of real estate purposes, including acquisition, refinancing, return of equity, horizontal development and note purchase. Stratford Land's financial strength enables it to acquire and hold land during various economic cycles and to reposition land to its highest and best use.
Stratford Land has more than 25 years of successful land investment history on behalf of institutional investors. Based in Dallas, Texas, the fund focuses on acquiring properties in high-growth corridors in Texas, Arizona, Southern California, Colorado, Tennessee and the eastern seaboard from Virginia to Florida. Offices are currently located in Dallas, Atlanta, Jacksonville and Phoenix.
For more information, visit www.stratfordland.com.