Taas Investments LLC has secured construction financing for a new townhome community in the Collin County suburb of Melissa, just north of McKinney.
The Plano-based investment firm locked down $29.5 million to support the project that will see 118 townhomes built across 17 acres on Milrany Lane, near the Sam Rayburn Tollway.
As previously reported in The Dallas Express, Melissa has experienced a population boom in recent years and has become one of the fastest-growing markets in North Texas. Numerous projects have taken shape in Melissa, such as the 330-unit apartment community being constructed by Melissa Land Development LLC and the 456-home community built by Meritage Homes.
According to Taas Investments founder and CEO Tauheed Siddiqui, the financing was structured as a three-year loan with the potential for a six-month extension. Arizona-based Tower Capital, represented by Kyle McDonough, George Maravilla, David Stull, and Noah Schott, arranged the financing for the project.
The demand for housing in Melissa is evidenced by the surge in prices in the city. In 2000, the median home price was $126,300. Today, the median home price in Melissa is $580,000, more than four times higher.
The new planned community will include homes sized from 1,650 to 1,700 square feet. All homes will have three bedrooms, two-and-a-half bathrooms, and include a two-car garage.
Residents can expect amenities like pickleball courts, a fitness center, a clubhouse, and a swimming pool. The homes will be available with the option to rent or purchase.
Infrastructure construction on the project is already well underway, having kicked off early last year. Home construction is set to begin in February, with the development slated for completion by the third quarter of 2027.
Siddiqui says Melissa is an attractive location to live in because of its relative affordability coupled with its proximity to major cities like Plano, Frisco, and McKinney.
The price point for the homes will be determined based on market conditions at the time of opening, but Siddiqui described it as “affordable.”
“With high interest rates and the pricing so high, this is a great, affordable option [that will] really help a lot of families,” Siddiqui said, per Dallas Business Journal.
“People who are being priced out of the Tri-City area — Plano, McKinney and Frisco — are heading north because they can get more bang for the buck. … Melissa, being so close to McKinney, is the next best location. I personally believe [Melissa] will be like Frisco in the next 10 years.”
The Taas website says Siddiqui has been involved as a Principal in 2,437 units, with more than $320 million in acquisitions across Texas, Florida, Arkansas, and Georgia. He founded Taas Investments in 2013.