Bank of America has selected CBRE to market Times Square at Craig Ranch in McKinney, Texas. Development costs totaled $52 million on this 313-unit apartment complex, which also includes 88,000 square feet of ground floor retail space.
Completed in 2009, this project was developed by Evergreen Realty Partners. The project was taken over by Bank of America as collateral to what was a $44.5 million construction loan. According to the bank’s website:
Times Square at Craig Ranch (Times Square), a newly constructed 313-unit multi-family community with 88,284 SF of ground-floor retail space at 7951 Collin McKinney Parkway, in McKinney, Texas. Times Square at Craig Ranch, a five-story project, features over 800,000 total SF (including garage space) and is currently in lease-up at ±50% leased. Apartments range from 670 SF to 1,400 SF. Amenities in the area include: TPC at Craig Ranch Golf Course, Cooper Fitness Center and Spa, Michael Johnson Training Performance Center, hiking & biking trails, soccer and baseball fields, upscale retail and a 14-acre water park.
View the property on Bank of America’s REO website, or the full listing on CBRE’s website.
A call for offers is scheduled for July 7th, 2010.
[...] June, we reported that Bank of America listed Times Square at Craig Ranch in McKinney, Texas, with [...]
Sounds like a great deal. I’ll have to do my homework on this, we might be making a decision in the future