Kalterra Closes on Second Multifamily Sale This Year
Fortunes quickly changed for Park Place when rentals and retentions were more pronounced than originally anticipated. The 213-unit apartment complex located at 240 Park Place Blvd. in Waxahachie, TX recently sold to an undisclosed buyer.
The project is Kalterra Capital Partners’ second sale this year and one of three ground-up multifamily developments in Kalterra’s portfolio expected to transact in 2021.
“Park Place achieved a higher rate rental than originally projected and has a market-leading retention rate,” said Nic Balsamo, partner of Kalterra Capital Partners. “We began construction in 2018, completed in 2019 and were fully stabilized in 2020. Accomplishing such a lease-up in the middle of a challenging 2020 is a testament to both the strength of the market and overall quality of our first development in Waxahachie.”
The 12-acre site falls within the rapidly growing Ellis County submarket, located 30 miles south of the DFW metroplex. Just east of Highway 287 and directly adjacent to Waxahachie’s Sport Complex, the project will serve the growing demand for class-A luxury apartments in the county. Kalterra plans to begin construction on a second conventional multifamily development and an active adult development in Waxahachie this year.
Premium Property USA partnered with Kalterra in the closing of Park Place.
Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM.
In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.
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