Cypress Equity brings the boom to Celina with more apartments
This post was written by Judah Duke and published on Aug 16, 2024 on TheRealDeal.com
Los Angeles-based firm at forefront of multifamily development in nation’s fastest-growing town
When it comes to Celina, there are three keywords: more, more, more.
Cypress Equity Investments is starting another multifamily development in the country’s fastest-growing town.
The Los Angeles-based firm filed plans for a $30 million apartment complex called Celina Downtown. Seven-hundred units are planned for the development, according to Cypress’ website, but it is unclear how much development is accounted for in that $30 million. The firm didn’t respond to a request for comment.
The development further embeds the firm in the North Texas boomtown’s multifamily development scene. It also developed the 300-unit Alpine Ten55, at 1055 South Oklahoma Drive near the Celina Town Square, which started lease-up in March.
Its 381-unit Celina Outerloop project, expected to start lease-up this fall, is in the Ten Mile Creek master-planned community, a joint-venture development from Cypress and New York-based Winter Properties. They are planning to build apartments and built-to-rent homes on 38 acres.
The Celina Downtown complex will feature a co-working area, fitness center, dog park, outdoor kitchen and pool. The property will also offer attached garages and private yards for many of the first floor units. The apartments will include full-size washer and dryers, stainless steel appliances and plank flooring.
The property will connect to Celina’s in-development trail system, which will eventually run throughout the town.
Celina is part of the booming “Golden Corridor,” which also includes Frisco and Prosper along the Dallas North Tollway and Dallas Parkway.
Celina’s population grew by 143 percent between July 2020 and July 2023, from just over 17,800 to more than 43,300, according to the U.S. Census Bureau. Developers and city officials have largely attributed that to Celina’s rural charms and the region’s relative affordability.
Besides that, there are highly skilled jobs in the area. Texas Instruments’ plant in Sherman was among the projects included in the Biden administration’s $1.6 billion grants for semiconductor manufacturing. And Taiwan-based GlobalWafers’s facility is predicted to bring almost 4,500 construction and manufacturing jobs to nearby Sherman, and Texas Instruments’ $30 billion facility is set to bring over 3,000 jobs.
“It’s just astronomical growth when you think about the influx of residents,” Celina Mayor Ryan Tubbs said last month. “Even so, our vision is to maintain that small-town feel, no matter how big we get.”