Phillips Realty Capital
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A Virginia investor has purchased a McKinney apartment community with funding from a $40 million loan.
Weinstein Properties bought the 334-unit Century Lake Forest apartments at 5201 Collin McKinney Parkway.
The purchase was made with a mortgage from New York Life Insurance Co. Maryland-based Phillips Realty Capital arranged the funding.
The McKinney property purchase is Weinstein Properties’ third buy in the Dallas-Fort Worth area and will be its ninth property in Texas.
"Weinstein has a stellar reputation, and this property is well-suited for their portfolio," Realty Capital’s Charles DuBose said in a statement. "New York Life real estate investor’s Dallas office was familiar with the property and Weinstein’s business model, thus creating the recipe for another successful transaction."
Weinstein Properties is a family-owned business that owns and manages more than 18,000 apartments in three states. The investor also owns rental communities in Grand Prairie and Flower Mound.