DALLAS, TX - Waterford Property Company, in a joint venture with The Vistria Group, announced the acquisition of a 299-unit garden style class A multifamily community located at 2400 Fort Worth Avenue in Dallas.
The joint venture purchased the property, called Axis Kessler Park, in partnership with the City of Dallas Housing Finance Corporation ("DHFC"), for $67 million from the undisclosed seller. With this acquisition, the owners will immediately restrict rents for new qualified residents, converting the property into essential workforce housing.
"We are thrilled to partner with the City of Dallas and Waterford on another housing community," said Michael Shaid, Vice President of Real Estate at The Vistria Group. "It is core to our investing and impact philosophy to create more affordable housing, building more resilient households and vibrant communities. Axis Kessler Parkwill add high quality affordable options for those who live, work, and play in Dallas."
The property will provide a much-needed mixed income housing solution for the community. A majority of the units will be converted to essential housing for residents who make 60 to 140 percent of the Area Median Income ("AMI"). Ten percent of the units will be dedicated to residents who make 60 percent of AMI, 41 percent of the units will be dedicated to 80 percent AMI, 39 percent of the units will be dedicated to 140 percent AMI and the balance of units will remain at market rent.
"This is Waterford's second multifamily acquisition in Dallas. Through this acquisition, Waterford is continuing its mission to pursue innovative essential housing solutions for the region," said Sean Rawson, Co-Founder of Waterford.
Axis Kessler Park consists of large one-, two- and three-bedroom units. The property offers amenities that include a clubhouse, fitness center, business center, dog park, private garages, resort-style pool, and storage units. The community is located within the suburban neighborhood of Kessler in Dallas, strategically positioned between the thriving Bishop Arts District and Trinity Groves. These districts boast a vibrant urban community offering convenient access to retail outlets, dining establishments, and recreational facilities.
"With rents in Dallas up almost over 20% since the pandemic began, it's more important than ever to figure out ways to help create more affordable housing for essential workers in the area. We are proud of our public private partnership with the DHFC in creating this increasingly needed housing option," said John Drachman, Co-Founder of Waterford.
The property primarily houses middle-income workers with the Dallas Independent School District as the top employer of property residents. Occupations for tenants at the property include healthcare and medical workers, education training and librarians, and management.
Earlier this year, Waterford, The Vistria Group, and Northern Liberties, in partnership with DHFC, acquired Domain at Midtown Park, a 395-unit class A multifamily community located at 8169 Midtown Boulevard in Dallas to convert to essential housing.
Debt for the acquisition was handled by Freddie Mac through Walker & Dunlop. John Makus of CBRE represented the seller. Greystar will be the onsite property management team.