John Drachman And Sean Rawson Of Waterford Property Company Acquire 299-Unit Multifamily In Dallas For $67M

The transaction involved the sale of a multifamily community known as Axis Kessler Park, located at 2400 Fort Worth Avenue in Dallas. The property consists of 299 units and was sold for $67 million, translating to a price per unit of $224,080. The asset is situated in the Dallas market and is intended to be transformed into essential workforce housing with varied rent restrictions.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $67,000,000
• Units: 299
• Price Per Unit: $224,080
• Buyer: John Drachman & Sean Rawson - Waterford Property Company; Kip Kirkpatrick & Michael Shaid - The Vistria Group; Dallas Housing Finance Corporation (DHFC)
• Broker: Johnathan Makus - CBRE

The deal was executed with the partnership of Waterford Property Company and The Vistria Group, along with the City of Dallas Housing Finance Corporation. Their collaboration aims to enhance the availability of affordable housing solutions within the region.