Waterford & Vistria Group's Buys 299-Unit Dallas Property for $67M for Housing Conversion

Waterford Property Company, in partnership with The Vistria Group, has acquired a 299-unit Class A multifamily community named Axis Kessler Park, located on Fort Worth Avenue in Dallas. This acquisition, made in collaboration with the City of Dallas Housing Finance Corporation (DHFC), was secured for $67 million from an undisclosed seller.

Conversion to Workforce Housing

The new owners plan to transform the property into essential workforce housing by restricting rents for qualified new residents. This initiative aligns with their broader mission to provide affordable housing options, particularly for those in the workforce.

Commitment to Affordable Housing

Michael Shaid, Vice President of Real Estate at The Vistria Group, emphasized their commitment to creating resilient communities through affordable housing. Axis Kessler Park will offer high-quality, affordable living spaces for Dallas residents, contributing to the city’s efforts to support those who live and work in the area.

Mixed-Income Housing Model

Axis Kessler Park will implement a mixed-income housing model, with the majority of units designated for residents earning between 60% and 140% of the Area Median Income (AMI). Specifically, 10% of units will be set aside for those earning 60% of AMI, 41% for those at 80% of AMI, and 39% for those at 140% of AMI, while the remaining units will continue to be rented at market rates.

Property Features and Location

The property offers a range of amenities, including a clubhouse, fitness center, business center, dog park, private garages, resort-style pool, and storage units. Situated in the Kessler neighborhood, Axis Kessler Park is strategically located between the Bishop Arts District and Trinity Groves, areas known for their vibrant urban culture and easy access to shopping, dining, and recreational activities.

Addressing the Housing Crisis

Waterford’s Co-Founder, John Drachman, highlighted the importance of creating affordable housing options, especially in light of the significant rent increases in Dallas since the pandemic. The property primarily serves middle-income workers, with many residents employed by the Dallas Independent School District, as well as in healthcare, education, and management roles.

Previous Collaborations

Earlier in the year, Waterford, The Vistria Group, and Northern Liberties, in partnership with DHFC, acquired another multifamily community in Dallas, Domain at Midtown Park, with a similar goal of converting it to essential housing. The debt for the Axis Kessler Park acquisition was handled by Freddie Mac through Walker & Dunlop, with CBRE's John Makus representing the seller. Greystar will manage the property onsite.