NEW YORK, NY – Subsidiaries of Cantor Fitzgerald Investors, LLC, a subsidiary of Cantor Fitzgerald, LP, and a subsidiary of CAF Management, LLC, have jointly acquired a Class A apartment building of 444 units known as The Station at MacArthur is located in the Las Colinas submarket in Irving, TX.
The property is centrally located on the DART transit line with easy access to DFW and Love Field Airports and the Dallas Central Business District. Las Colinas is the second largest employment hub in North Texas. The property is adjacent to Verizon's Hidden Ridge development, which is expected to create 7,000 jobs. After completion, an office building, a hotel, a retail outlet, restaurants and green spaces will be created.
"The property is ideally located in Las Colinas, a submarket with strong demographics, high occupancy and a growing job market," said Chris Milner, Head of Cantor Fitzgerald Investment Management ("CFIM"). "Business relocations continue to drive demand in the region and make this an attractive addition to our growing real estate platform," added Jay Frank, COO at CFIM.
The property has townhouse layouts with an average unit size of 1,031 square feet and 100% private garage access. Community amenities include a two-story fitness center, business center, four outdoor pools, an entrance gate, and an animal park. As of October 2020, the property is 94.6% rented, which corresponds to the Las Colinas submarket, which has had an average occupancy of 94.4% since 1996.
"We are delighted to be partnering with Cantor Fitzgerald on this acquisition. Our extensive expertise in multi-family management in Dallas fits in well with Cantor Fitzgerald's capabilities as a real estate investor," said Chris Faulkner, CEO of CAF Management. "This partnership is a high quality asset in a great location that we hope will add value for investors."
The transaction is the second acquisition between affiliates of CFI and CAF in the greater Dallas area, with CAF acting as property manager. In coordination with its operational partners, CFI manages investments in 13 apartment buildings (4,325 units) as well as over 6.2 million square meters of office, industrial and retail space in 115 properties. In 2019, Cantor Fitzgerald was involved in more than $ 84.0 billion in real estate transactions. Founded in 2010, CAF is a Dallas-Fort Worth-based real estate management firm serving 50 properties (15,827 units) in Texas and 29 properties in the Dallas MSA.