Waterford Property Company and The Vistria Group have jointly acquired a 299-unit garden-style multifamily community located at 2400 Fort Worth Avenue in Dallas. As part of their plans, they will immediately limit rents for new qualified residents and transform the property into essential workforce housing.
The purchase of Axis Kessler Park was made in partnership with the City of Dallas Housing Finance Corporation from Sherman Residential for $67 million.
According to Waterford’s John Drachman, this acquisition is crucial as rent prices in Dallas have increased by over 20% since the start of the pandemic. It is more important than ever to find ways to provide affordable housing options for essential workers within the area.
A majority of units will be converted into essential workforce housing, catering specifically to residents who make between 60-140% Area Median Income (AMI).
The property boasts various amenities such as a clubhouse, fitness center, business center,dog park,private garages,resort-style pool,and storage units.
Freddie Mac facilitated financing through Walker & Dunlop while CBRE’s John Makus represented Sherman Residential during negotiations. Greystar has been appointed as on-site property management team.
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