April Housing Begins $19.3M Renovation of McKinney Affordable Complex

April Housing, the affordable housing division of Blackstone Real Estate, has started a $19.3 million renovation of Skyway Villas, a 232-unit complex in McKinney, a northern suburb of Dallas. The community spans 13 buildings and was built in 2003.

The project is tied to a re-syndication that will keep the property's affordability restrictions in place for another 30 years. Benton Design Group is the architect and ICON Builders is the general contractor. April Housing is carrying out the work in partnership with the McKinney Housing Finance Corp.

Planned upgrades include new flooring and countertops, exterior repainting, new water heaters and HVAC systems, accessibility improvements, and expanded residential amenities.

For developers and lenders, the deal shows that preservation-focused recapitalizations of older affordable stock continue to attract capital in the Dallas-area suburbs, with long-term affordability commitments built into the financing.