Waterford Property Company and The Vistria Group acquired a 299-unit garden-style class multifamily community at 2400 Fort Worth Avenue in Dallas, and will immediately restrict rents for new qualified residents, converting the property into essential workforce housing. 

The joint venture purchased Axis Kessler Park from Sherman Residential in partnership with the City of Dallas Housing Finance Corporation for $67 million. 

Waterford’s John Drachman added, “With rents in Dallas up almost over 20% since the pandemic began, it’s more important than ever to figure out ways to help create more affordable housing for essential workers in the area.”

A majority of the units will be converted to essential housing for residents who make 60 to 140 percent of the Area Median Income (“AMI”).

The property offers amenities that include a clubhouse, fitness center, business center, dog park, private garages, resort-style pool, and storage units. 

Freddie Mac handled the debt for the acquisition through Walker & Dunlop. John Makus of CBRE represented the seller. Greystar will be the on-site property management team.