Waterford Property Company, The Vistria Group and Northern Liberties, in partnership with the Dallas Housing Finance Corporation, have acquired a 395-unit class-A multifamily community at 8169 Midtown Blvd. in Dallas.
The joint venture purchased the property, known as Domain at Midtown Park, and at the same time entered into a long-term ground lease with the DHFC. With this acquisition, the owners will immediately restrict rents for new qualified residents to create stable workforce housing as part of an agreement with DHFC in exchange for 100% property tax abatement for 99 years.
Created by the City of Dallas in 1984, DHFC provides tax-exempt mortgage revenue bonds and other support for the acquisition, construction, or substantial rehabilitation of multi-family housing as part of Dallas’ department of housing and neighborhood revitalization.
Domain at Midtown Park was built in 2016. The community is located within the suburban neighborhood of Lake Highlands in Dallas, strategically positioned in the commercial district of Midtown Park. The property offers an abundance of amenities including clubhouse, fitness center, business center, BBQ grill area, outdoor lounge, cabana/pergola, dog park, and resort-style pool, storage units and a golf simulator.
The community’s current tenant base is comprised primarily of moderate-income workforce employees and families. As noted, the joint venture will restrict rents at the property setting aside 51 percent of the units for residents who make 80 percent average median income (AMI), 39 percent of the units for families who make 140 percent AMI, and 10 percent of the units at market rate.
Freddie Mac through Walker & Dunlop provided debt for the transaction.
