Patios of McKinney

The Patios of McKinney was developed in 1970 on one parcel located at 1904 W White Avenue, McKinney, TX 75069 (approximately 5.46-acres). The current owners have accomplished an extensive interior and exterior renovation in 2021 and 2022. The Property consists of 15 residential, single story, 4-plex buildings that contain a total of 60 apartment units. There is also a separate community building which houses the office and small common area space adjacent to the communal pool. The Property presents a compelling investment opportunity with upside potential through increasing rental rates to market levels and completing an interior renovation plan that the seller has performed on all but 18 of the units. Completing the renovation of these units and raising them to market rent will produce approximately $11k+ in additional monthly income. During the first 24-36 months of operation, MBP intends to increase the average rent from $1,461 (seller’s current average) to $1,814 (MBP’s expected rental rate increases) and maintain occupancy going forward at 94.0% or better.