Melissa, tx (Build-to-Rent)
Melissa, TX
INVESTMENT SUMMARY
Welker Properties is pleased to present Wolf Creeks Farms Melissa, an over 32-acre site in Melissa, TX that we have successfully taken through zoning and initial stages of design in order to ensure project feasibility. Our current site plan depicts a 315-unit, Class-A, Build-to-Rent (“BTR”), gated community located in the booming town of Melissa, TX (the “Project”). It is relevant to note that our approved density allows up to 11 units per acre, which comes out to roughly 350 units and our design team is working toward that number. The Project will bring together all the best aspects of single-family homes with detached units that have their own private yards; along with the flexibility, amenities, resident services and maintenance free living that comes with living at a Class-A apartment. The homes at the Project will range from one to two-story and will feature attached two-car garages on 10% of the homes, and one-car garages on 20% of the homes. The remaining 70% cottage-style homes do not have attached garages, but residents have the option to rent a detached garage or covered parking separately. We strive to present our residents with a variety of options to fit their individual needs and budget. First class community amenities including a resort-style pool, a dog park, a fitness center, pickleball courts, a resident lounge, multiple open courtyards, Wi-Fi in all common areas and units, and controlled building access. The Project is strategically located in Melissa directly between I-75 on the west and Sam Rayburn Tollway to the east with the new Collin Country Outer Loop just to the North, giving it quick and easy access to major employment hubs such as Plano, Frisco and McKinney. Increasing home values in the surrounding neighborhoods (over 35% over the last year) combined with a higher cost of financing is making home ownership more cost prohibitive, driving continued demand for Welker Properties' unique BTR community. The Project’s location gives residents easy access to large employers just to the south, including Liberty Mutual, JPMorgan Chase, PepsiCo and other Fortune 500 firms along with the new Texas Instruments and Apple manufacturing just to our north. Highly rated public schools and abundant retail and services - including the McKinney Town Square, Star in Frisco and the Shops at Legacy - are also within easy reach of the community. Future local amenities are on their way as well with an HEB set to open within 2.5 miles directly south of the Project. Welker Properties plans to begin construction in the second quarter of 2023 to allow for coordination of design plans, debt, equity, and the GMP. Welker Properties has gone through City Council and Planning & Zoning in order to solidify its agreed upon Development Standards with the city as part of the Annexation Agreement - zoning is in place. The project is anticipated to be constructed by Moss CM under a GMP Cost Plus contract. Once complete, the project will be managed by an independent third-party manager (Portico, Greystar, RPM, ZRS, etc.).