Liv Development is moving forward with a new apartment project in McKinney, Texas. The Birmingham-based developer plans to build a 205-unit complex called Livano McKinney at the intersection of Alma Road and Silverado Trail. According to a state filing, the estimated cost for the development is $40 million, or about $195,000 per unit. Construction is expected to begin in December and finish by July 2027.
The planned 302,000-square-foot property will include apartments and townhomes arranged around a clubhouse. The site is located roughly eight miles from downtown McKinney. Since 2020, McKinney’s population has grown by nearly 10 percent to reach approximately 227,000 residents.
North Texas has seen a significant slowdown in multifamily construction as rising interest rates have increased development costs. At the same time, a large number of new units entering the market have contributed to falling rental rates and lower occupancy levels.
Recent data shows that Dallas-Fort Worth rents declined by 1.5 percent over the year ending in May, according to Yardi Matrix. The area’s occupancy rate stands at 92.6 percent, ranking it third-lowest among the nation’s largest cities.
Industry analysts expect that reduced construction activity will help stabilize the market and lead to rent increases either later this year or next year. Developers like Liv Development are aiming to complete projects as rental rates are predicted to recover.
Robb Crumpton founded Liv Development—originally named Red Mountain Development—in 2006. The company currently owns three other apartment properties in Texas: Livano Kemah in Galveston County; Livano Pflugerville; and Livano Prosper.
