This post was published on 5/15/2023 on therealdeal.com
$60M build is one of many the developer has in pipeline for Frisco area
Cypress Equity Investments’ Michael Sorochinsky and a rendering of the project
Los Angeles-based Cypress Equity is adding to its significant Texas multifamily pipeline in a suburb that could be the next North Texas boom city.
The firm plans an 11-building, 480,000-square-foot apartment complex in Celina, a suburb north of Frisco. It is part of the Ten Mile Creek master-planned community.
The project will be located off the in-progress Collin County outer loop highway extension on 251-acres of undeveloped land east of Coit Road. It will include 381-units and cost $60 million to construct, or $158,000 per unit, according to a Texas Department of Licensing and Regulation filing, although plans are subject to change.
Construction could start in September and last into 2025. Specific amenities have not yet been announced, but a resident clubhouse will be included in the project. Cypress Equity didn’t immediately respond to a request for comment.
Corson Cramer Development is spearheading the Ten Mile Creek masterplan, which will include 371 single-family homes, 110 townhomes, rental homes and apartments, plus retail and restaurants. Corson Cramer is also developing the North Sky Celina and Cross Creek Meadow projects in Celina.
Cypress Equity has been prolific in the northern suburbs of Dallas-Fort Worth. It has another 1,000 units planned at two other Celina multifamily projects and others planned for Rowlett, Grand Prairie, McKinney and Melissa.
Cypress has invested and developed more than 160 projects nationally amounting to more than $15 billion of value, according to the firm’s website. The firm has offices in Denver, Los Angeles, and Chicago with plans to open a Dallas office, the Dallas Morning News reported.
With the incoming highway extension, Celina has become the hot ticket for big name real estate investors. Since the pandemic, developers and investors have snapped up thousands of acres near the route of the Dallas North Tollway extension between Collin and Denton counties.
Celina’s current population is 23,811, up from 6,000 a decade ago, according to U.S. Census estimates. The city is projected to hit population 160,000 in the next 10 years and has land potential for about 370,000 residents, the Dallas Business Journal reported.