Photo courtesy of Domain at Midtown Park via Apartments.
Waterford Property Company, The Vistria Group and Northern Liberties have partnered with the Dallas Housing Finance Corporation to acquire a 395-unit class A multifamily community, Domain at Midtown Park.
The apartment complex, located at 8169 Midtown Boulevard, was owned by Blackstone Real Estate Income Trust before selling the property for an undisclosed amount. According to Dallas Central Appraisal District records, the property was appraised at nearly $85 million last year.
Simultaneously with the joint venture purchase of the Domain at Midtown Park, the property entered into a long-term ground lease with Dallas Housing Finance Corporation.
With this acquisition, the owners will immediately restrict rents for new qualified residents to create stable workforce housing as a part of an agreement with DHFC for 100% property tax abatement for 99 years.
Half of the units will be reserved for residents who make 80% of the average median income, 39% of units for families who make 140% of AMI and 10% for market rate.
“As Dallas has experienced strong growth over the past 10 years, it’s rents have continued to climb, like many across the country, and the city is dealing with affordability issues,” Waterford co-founder Sean Rawson said in a statement. “The cost of housing has gone up as much as anywhere in the United States and police, teachers and other essential workers are the ones who are at risk. This is just the beginning of our focus on Texas and the opportunity to be part of the solution to bring more affordability into the market.”
Domain at Midtown Park was built in 2016 in Lake Highlands. The property offers amenities including a clubhouse, fitness center, business center, grill area, outdoor lounge, cabana/pergola, dog park, resort-style pool, storage units and a golf simulator.
