New McKinney neighborhood will have rental homes – The Dallas Morning News

A new McKinney neighborhood will be the latest North Texas community to offer single-family rental homes. Developer Stillwater Capital Investments plans to build the 245-home Storybook rental project on South Custer Road.

Homes planned in the rental project will range from near 1,000 square feet to more than 2,200 square feet, according to planning documents filed with the state.

The new home community is set to start early next year and will cost more than $43 million to build. A leasing center office and amenity building are also part of the plan.

Dallas architect Omniplan designed the project. The new neighborhood is being built on the site of the former Storybook Ranch, an event and recreation center.

The McKinney project will be the first of its kind for Dallas-based Stillwater Capital, which has a track record of building apartments and mixed-use developments.

The Storybook McKinney site will be our first of several single-family rental communities we have underway, Stillwaters Aaron Sherman said. Storybook will be breaking ground in the next few months, and we have a handful of other developments that will start in 2022.

While this will be out first true single-family rental project, weve built hundreds of homes through our single-family homebuilding company, Robert Elliott Custom Homes, along with several thousand units in our traditional multi-family business, Sherman said. Our team and experience across both platforms gives us a unique understanding of the space and will allow us to deliver best-in-class communities to the market.

Single-family home rental communities have been one of the fastest-growth housing sectors in the country and North Texas. Builders are putting up thousands of Dallas-Fort Worth houses aimed at renters who need a traditional home.

Stillwater Capital has built projects across D-FW and is part of the team building the new PGA headquarters in Frisco.

The company also has developed multiple Dallas-area apartment communities.

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New McKinney neighborhood will have rental homes - The Dallas Morning News