DALLAS, Texas – Waterford Property Company, Vistoria Group and Northern Liberties, in partnership with Dallas Housing Finance Corporation (DHFC), announce the acquisition of a 395-unit Class A multifamily community located at 8169 Midtown Blvd. did. In Dallas.
The joint venture purchased the property known as The Domain at Midtown Park and simultaneously entered into a long-term land lease agreement with DHFC. With this acquisition, owners will be able to reduce the rents of eligible new residents to create stable workforce housing as part of their agreement with DHFC in exchange for 100 percent property tax abatement for 99 years. It will be restricted immediately.
Margaret Annadou, senior partner and head of real estate at Vistoria Group, said: “At the core of our investment and impact philosophy is that creating more affordable housing will lead to more resilient households and vibrant homes. We are excited to partner with them as they are an important part of building a thriving community.” Working with Waterford Property Company and Northern Liberties to ensure affordable housing in the Domain for years to come and working with community partners to provide residents with the services they need I'm looking forward to doing it. ”
Established by the City of Dallas in 1984, DHFC provides tax-exempt mortgage revenue bonds and other assistance for the acquisition, construction, or significant rehabilitation of multifamily housing as part of Dallas' Department of Housing and Neighborhood Revitalization. doing.
“Through this acquisition, Waterford continues its mission to pursue innovative essential housing solutions. In recent years, the company has been working in California to reduce costs for residents impacted by the high cost of living. Using creative approaches, we have worked diligently to build a portfolio of workforce-focused housing. Now, along with our partners and the City of Dallas, we are building a portfolio of similarly coveted housing in Texas. We are now able to focus on solutions that were previously in the market,” said Waterford co-founder John Drachman.
“Northern Liberties’ entry into the Dallas market underscores our investment thesis of acquiring well-located assets in high-growth markets that can create or preserve a workforce and affordable housing. Our mission is to create housing stability while providing year-round services that empower our residents. By acquiring real estate, investing in people, and building communities, people thrive.” Sharif Mitchell, co-founder and CEO of
“Dallas has experienced strong growth over the past decade, but like many cities across the country, rents continue to rise and the city faces affordability issues. This is just the beginning of our focus on Texas and bringing more affordable solutions to market. It's an opportunity to be a part of it,” said Waterford co-founder Sean Lawson.
The Domain at Midtown Park was built in 2016. This community is located within the Lake Highlands suburb of Dallas and is strategically located in the Midtown Park commercial district. This property features extensive amenities including a clubhouse, fitness center, business center, barbecue grill area, outdoor lounge, cabana/pergola, dog park, resort-style pool, storage units, and golf simulator.
The community's current tenant base consists primarily of moderate-income employees and their families. As previously mentioned, the joint venture will set aside 51% of the units for residents with an average median income (AMI) of 80%, 39% of the units for households with an AMI of 140%, and 10% of the housing. We are planning to limit the rent for this property. Units at market rate.
Freddie Mac provided debt for the transaction through Walker & Dunlop.
