Stratford Land announced yesterday that it has teamed up with multifamily developer Zale Corson Group Inc, which is based in Dallas, in order to buy almost 20 acres of land located in McKinney in Texas.
Situated at the northwest corner of Stacy Road and McKinney Ranch Parkway, the land is already zoned for the purpose of multifamily development. Definitive plans for the property and the exact price of purchase have not been revealed.
"We believe this location and the lack of multifamily properties in the surrounding area make this property extremely desirable," says the principal at Zale Corson Group, Mark Zale. "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 a number of multifamily properties located in the North Texas area, the most recent of which was a Class A apartment building comprised of 240 units named The Encore, located at the southwest corner of McDermott and Ohio in Plano.
The senior investment manager for Stratford Lane in Texas, Steve Sanders, says that by partnering with a well-known and experienced developer such as Zale Corson Group, Stratford Lane is giving a vote of confidence in the multifamily market in the Dallas area. The multifamily market is currently experiencing high demand and displaying signs of continuing growth, and Stratford Lane is excited to be involved in this perfectly located development.
The McKinney Ranch property is situated around 40 miles away from downtown Dallas and just five minutes away from downtown McKinney. The property is located in the center of the '121 Corridor', which is an area that features countless corporate offices as well as popular retail, entertainment, and developed commercial real estate.
