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Event / Action Date:Aug 28, 2026
April Housing has extended affordability at Skyway Villas, a 232-unit apartment community in McKinney, Texas, for at least 30 more years.
The preservation transaction will also fund more than $19.3 million in renovations throughout the property, improving residents’ apartments, replacing major building systems and modernizing shared community spaces.
Skyway Villas was built in 2003 and includes 232 apartments across 13 buildings. The community offers on-site supportive services, including GED training, computer classes and tutoring for young residents.
April Housing is Blackstone Real Estate’s affordable housing portfolio company.
“At April Housing, preserving affordability sits at the heart of our mission,” said Perica Bell, head of preservation at April Housing. “Extending affordability by at least 30 years for residents, while channeling new investment into improvements in their homes and shared spaces, is truly rewarding.”
The transaction was completed through a resyndication, allowing the owner to secure new financing for improvements while renewing the property’s long-term affordability restrictions.
Instead of allowing the apartments to move toward market-rate rents when their existing restrictions expire, the new agreement keeps all 232 homes affordable for at least three more decades.
The renovation program will update both individual apartments and major systems serving the community.
Planned improvements inside residents’ homes include new flooring, fresh paint and quartz countertops in kitchens and bathrooms.
Apartments will also receive new ENERGY STAR appliances. HVAC equipment and water heaters will be replaced as part of the propertywide work.
The exterior of the community will be repainted, while shared amenities will receive significant upgrades.
Plans include improvements to the swimming pool and the installation of an ADA pool lift. The property will also receive a new playground and a renovated clubhouse.
The clubhouse renovation will create a newly furnished activity room, an updated fitness center and a business center offering residents free high-speed Wi-Fi.
The renovation will improve accessibility in 19 apartments.
Thirteen homes will be converted into mobility-accessible units. Six additional apartments will be adapted for residents with hearing or visual impairments.
These improvements will make more of the community usable by residents with disabilities while updating features throughout the property.
Because the work will take place at an occupied community, the construction team will need to coordinate apartment access, resident notices and any temporary relocation required during the renovations.
Financing for the preservation transaction included an equity investment and bridge financing from Wells Fargo.
Permanent financing was provided by Wells Fargo and Freddie Mac.
The participating organizations did not disclose the individual amounts of the equity investment, bridge loan or permanent financing.
The McKinney Housing Finance Corp. is serving as the development’s public partner.
“Demand for affordable housing in our community continues to grow, and preserving the homes we have is essential,” said Tyler Underwood, president of the McKinney Housing Finance Corp. “We’re proud to partner with April Housing to keep these homes affordable and to improve the quality of life for residents throughout McKinney.”
ICON Builders will serve as the general contractor for the renovations. Benton Design Group will serve as the project architect.
McKinney and the surrounding North Texas region have experienced substantial population and housing growth.
As demand increases, preserving existing income-restricted apartments can be as important as building new affordable housing.
Skyway Villas already contains 232 occupied homes. Extending the affordability agreement protects those apartments from moving toward unrestricted market rents while providing the capital needed to renovate a property that is now more than 20 years old.
The transaction also allows residents to remain connected to the supportive services already available at the community.
Those services include GED instruction, computer classes and youth tutoring.
April Housing has secured at least 30 additional years of affordability for all 232 apartments at Skyway Villas in McKinney.
The transaction will also provide more than $19.3 million for apartment renovations, building-system replacements, accessibility improvements and upgraded community amenities.
Wells Fargo supplied equity and bridge financing, while Wells Fargo and Freddie Mac provided permanent financing. The McKinney Housing Finance Corp. is participating as the project’s public partner.
The preservation means McKinney will retain 232 affordable homes while residents receive substantial improvements to their apartments and shared community spaces.
A 232-unit development in McKinney, Texas, is set to remain affordable for at least 30 more years. April Housing, Blackstone Real Estate’s affordable housing portfolio company, announced that it has extended affordability at the development, which will undergo more than $19 million in renovations. “At April Housing, preserving affordability sits at the heart of our mission,” said Perica Bell, head of preservation. “Extending affordability by at least 30 years for residents, while channeling new investment into improvements in their homes and shared spaces, is truly rewarding.” Through the resyndication process, the communitywide renovation will upgrade residents’ homes, modernize building systems, and improve community amenities, Built in 2003, Skyway Villas includes 232 apartment homes across 13 buildings. Residents will continue to enjoy access to on-site supportive services, including GED training, computer classes, and youth tutoring. The McKinney Housing Finance Corp. is the project’s public partner. ICON Builders will serve as the general contractor, and Benton Design Group will serve as the architect. “Demand for affordable housing in our community continues to grow, and preserving the homes we have is essential,” said Tyler Underwood, president of McKinney Housing Finance Corp. “We’re proud to partner with April Housing to keep these homes affordable and to improve the quality of life for residents throughout McKinney.” Financing included an equity investment and bridge financing from Wells Fargo and permanent loan financing from Wells Fargo and Freddie Mac.
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