Age-Restricted Carpenter’s Point Sells to Zimmerman Properties

Zimmerman Properties and Raymond James Housing Preservation Fund acquired the 150-unit Carpenter’s Point, a senior housing complex in Dallas. The property at 4645 Dolphin Rd. was placed in service in 2010 as part of the Section 1602 Tax Credit Exchange Program, and is the first asset from the program to be sold in Texas. Seller/developer Carleton Residential of Dallas was represented by CBRE’s Dmitry Gourkine, Johnathan Smith, and Chris Deuillet.

Carpenter’s Point has had a historically high occupancy and a waitlist of more than 1,000 applicants. All units are restricted to residents age 55 and above, who earn at or below 60% of the area median income. Deuillet said interest in the property was strong, with multiple offers received.

The TCEP, part of the American Recovery and Reinvestment Act of 2009, provides tax benefits to sellers, and keeps properties available to low-income residents.

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