A consortium of four investors has united to acquire a 395-unit apartment complex, with plans to convert it from market-rate units to income-based rents. Waterford Property Company, The Vistria Group, and Northern Liberties have partnered with the Dallas Housing Finance Corporation (DHFC) in purchasing the Domain at Midtown Park Blvd.
Through this acquisition, the owners will immediately implement rent restrictions for new eligible residents as part of an agreement with DHFC. This will result in stable workforce housing and a 100 percent property tax abatement for 99 years.
The current tenant base at this community consists mainly of moderate-income workers and families. As per the joint venture’s plan, rents at the property will be restricted by setting aside 51 percent of units for residents earning an average median income (AMI) of 80 percent or less, while another 39 percent will be reserved for families earning up to140% AMI. The remaining10percentofunitswillbeavailableatmarketrateprices.
This recent purchase involves converting a Dallas rental community into workforce housing options.
