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

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SOLD
$67,000,000

Texas

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MultiFamily
Sold 08/08/2024
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SOLD

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

2400 Fort Worth Avenue

See Similar Deals
MultiFamily
Sold 08/08/2024
the dealplayerscompscontact
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Summary

TEXAS
Asset Type:MultiFamily
Transaction Type:Sale

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.

Players

Johnathan Makus
CBRE
Johnathan Makus
2 deals$67M volume
BROKER

Details

SOLD
IMAGE: John Drachman, Sean Rawson, Kip Kirkpatrick & Michael Shaid DATE: 08/08/2024 ADDRESS: 2400 Fort Worth Avenue MARKET: Dallas ASSET TYPE: Multifamily ~ UNITS: 299 BUYER: John Drachman & Sean Rawson - Waterford Property Company; Kip Kirkpatrick & Michael Shaid - The Vistria Group; Dallas Housing Finance Corporation (DHFC) BROKER: Johnathan Makus - CBRE (@CBRE) SALE PRICE: $67,000,000 UNITS: 299 ~ PPU: $224,080 NOTE: Waterford Property Company and The Vistria Group, in partnership with the City of Dallas Housing Finance Corporation, acquired Axis Kessler Park, a 299-unit multifamily community in Dallas for $67 million. The property will be converted into essential workforce housing with varied rent restrictions, continuing Waterford’s mission of providing affordable housing solutions

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$3,573,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$238,036.86
Cash-on-Cash Return-1.27%
Monthly Debt Service$317,614.18
Annual Debt Service$3,811,370.18