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8/09/24
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Waterford Property Company and The Vistria Group have acquired Axis Kessler Park, a 299-unit, garden-style Class A multifamily community in Dallas. The joint venture purchased the property, located at 2400 Fort Worth Ave, in partnership with the City of Dallas Housing Finance Corporation (“DHFC”), for $67 mil ($224k/unit).
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.
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.
The property will provide a much needed mixed-income housing solution for the community. The buyers will immediately restrict rents for new qualified residents, converting the property into essential workforce housing.
A majority of the units will be converted to essential housing for residents who make 60% to 140% of the Area Median Income (“AMI”). Ten percent of the units will be dedicated to residents who make 60 percent of AMI, 41% of the units will be dedicated to 80% AMI, 39% of the units will be dedicated to 140% AMI and the balance of units will remain at market rent.
“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,” noted John Drachman, Co-Founder of Waterford.
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.
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