The Kinstead Apartments in McKinney are under new ownership following a joint venture between Turner Impact Capital and Kalterra Capital Partners to acquire the property.

Built five years ago, the 376-unit property includes six three-story residential buildings on a 14-acre site, a July 8 news release states. Housing units in the development offer studio, one-, two-, and three-bedroom configurations. The community also offers a range of amenities such as two pools, a clubhouse, a gaming room, and a dog park.

The details

As part of the acquisition deal, the new owners will convert over half of the complex into income-restricted affordable housing. Under an agreement with the McKinney Housing Authority, 191 will be rented at affordable rates including 29 units reserved for renters earning 30% of the area median income, or AMI, and 162 units reserved for those earning up to 80% AMI.

The city's median household income is $120,273, according to the city's website, which puts the threshold for 30% AMI at just over $36,000 and the threshold for 80% AMI at about $96,200. The remaining 185 units will remain priced at market rate, the release states.


“The Kinstead acquisition will add to the supply of urgently needed, high-quality housing that’s affordable for working families in one of the highest-demand markets in the country,” Turner Impact Capital CEO Bobby Turner said in the release. “Working with private and public partners, we are adapting our successful market-driven model to deliver innovative, scalable and sustainable solutions to address the nation’s severe housing affordability gap.”

This is the first time Turner Impact Capital, a private equity real estate firm that focuses on social impact, is converting market-rate apartments into affordable housing, the release states. TI Communities, an extension of Turner Impact, will manage the newly acquired Kinstead property, and will offer resident services like financial literacy and youth education programs.

Quote of note

“Our collaboration with Turner Impact, the City of McKinney and its Housing Authority allows us to deliver lasting affordability in a thriving area, through a transparent structure that benefits both residents and the broader community,” said Nic Balsamo, a partner at Kalterra Capital Partners, in the release.