Dallas Senior Apartment Community Bought by BLDG Partners
A Dallas partially affordable senior housing community has been acquired by BLDG Partners. Aerofirma sold Wright Senior Apartments, a 154-unit, partially affordable senior housing community in Grand Prairie.
Greysteel’s Doug Banerjee headed up a team that worked on behalf to the seller and found the buyer.
Multi-Housing News reported that BLDG Partners assumed the outstanding balance of an $11.9 million HUD 223(f) loan. The 35-year term loan carries a 2.45 percent interest rate. The new ownership will preserve the affordability of the property, per terms of the Low-Income Housing Tax Credits LURA.
The partially affordable and age-restricted community incorporates 123 rent-restricted affordable units and 31 market-rate apartments, designated for residents aged 62 and over.
Completed in 2004, Wright Senior Apartments encompasses three buildings with units ranging between 528 and 925 square feet. The community offers a fitness center, a swimming pool, a clubhouse, an elevator, two laundry facilities and approximately 300 parking spaces. Apartment amenities include private balconies or patios.