One of the largest new residential communities in North Texas is getting a rental apartment district.
The 1,100 acre Painted Tree development is under construction north of US Highway 380 in McKinney.
The community – planned for 3,400 homes – is a project by Dallas’ Oxland Advisors and New York-based JEN Partners
In addition to hundreds of homes for sale, the first phase will include a new residential area from Curve Development, based in Arizona.
Called Cyrene at Painted Tree, developed by Curve Development, is a residential neighborhood called Cyrene at Painted Tree that will offer 304 detached single-family homes for rent.
The new residential complex is being built on Wilmeth Road and Lake Forest Drive. Curve Development is working with the Oxland Group on this project.
The one- and two-story houses are built in the modern farmhouse style with three and four bedrooms. Each home will have an attached two-car garage and fully fenced-in backyards.
“Cyrene at Painted Tree will offer its residents the lifestyle of a single family home, but without the stress of home ownership,” says Curve Development in his marketing pitch for the project.
The new rental district plans to start pre-letting at the end of next year.
Curve Development is based in Phoenix and is supported by Painted Tree developer Jen Partners.
The contractor is building residential communities in Arizona, California, Florida and now Texas. The Curve, Arizona communities have homes that start renting around $ 2,500 per month.
Rental housing has been one of the fastest growing sectors in the North Texas housing market in recent years.
Several builders from nongovernmental and local housing companies are trying to build new rental apartments to meet residents’ demand – many of which have been factored out of home prices.
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