DALLAS, TX – A joint venture between a Cantor Fitzgerald Income Trust subsidiary and Cantor Fitzgerald, LP and CAF Management affiliates acquired a 304-unit class A apartment building known as Keller Springs Crossing in Carrollton, a submarket of Dallas, TX. The acquisition, completed on February 25, 2021, marks the third multi-family acquisition through joint ventures between Cantor Fitzgerald-sponsored companies and CAF in the greater Dallas area.
The property is strategically located near the Dallas North Tollway and President George Bush Turnpike, with easy access to DFW International Airport and major employment centers such as the Platinum Corridor, Telecom Corridor, I-90 Corridor and Dallas Central Business district. Nearby downtown Carrollton offers commuters several options for local transit and service to Denton through the Denton County Transportation Authority (DCTA) using the Dallas Area Rapid Transit (DART). In addition, Keller Springs Crossing is minutes from world-class shopping and country clubs, as well as beautiful parks and wooded areas.
"The property is a good quality and well located asset in a sub-market that has remained strong throughout the pandemic," said Chris Milner, president of CF Income Trust. "Research shows that demand in the DFW multi-family market has been the highest in the country over the past 12 months, making this an attractive addition to our growing real estate platform," added Jay Frank, COO, Cantor Fitzgerald Investment Management.
Built in 2015, the property has 13 different floor plans with an average unit size of 841 square feet. Communal facilities include a fitness center, resort style swimming pool, game room, business center and animal park. As of February 24, 2021, the property was 92.4% rented, which is in line with the Carrollton submarket, which had an average occupancy of 93.8% in the third quarter of 2020.
"We are very excited to continue our partnership with Cantor Fitzgerald on this acquisition, which is a high quality asset in a great location that we hope will add value for investors," said Chris Faulkner, CEO of CAF Management.
Cantor Fitzgerald's real estate investment management portfolio currently comprises 4,325 multi-family units and more than 6.8 million square meters of office, industrial and retail space in 116 properties. In 2020, Cantor Fitzgerald was involved in more than $ 72.3 billion in real estate transactions.
Source: Cantor Fitzgerald Income Trust