Group Buys Dallas Rental Community, Converts it to Workforce Units

A grouping of four separate investors have joined forces to acquire a 395-unit apartment complex, that they plan to convert from market-rate units to rents that are determined by the income of the renter. Waterford Property Company, The Vistria Group, and Northern Liberties, in partnership with the Dallas Housing Finance Corporation (DHFC) bought the Domain at Midtown Park Blvd.

With this acquisition, the owners will immediately restrict rents for new qualified residents to create stable workforce housing as part of an agreement with DHFC in exchange for 100 percent property tax abatement for 99 years.

The community’s current tenant base is comprised primarily of moderate-income workforce employees and families.  As noted, the joint venture will restrict rents at the property setting aside 51 percent of the units for residents who make 80 percent average median income (AMI), 39 percent of the units for families who make 140 percent AMI, and 10 percent of the units at market rate.

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