BLDG Buys Dallas Senior Community

Wright Senior Apartments. Image courtesy of Greysteel

Aerofirma has sold Wright Senior Apartments, a 154-unit, partially affordable senior housing community in Grand Prairie, Texas, in metro Dallas. BLDG Partners purchased the asset, according to Yardi Matrix data.

Greysteel brokered the transaction. Senior Managing Director Doug Banerjee and Senior Associate Murphy Holloway worked on behalf of the seller and procured the buyer.

BLDG Partners assumed the outstanding balance of an $11.9 million HUD 223(f) loan. The 35-year term loan carries a 2.45 percent interest rate. The new ownership will preserve the affordability of the property, per terms of the Low-Income Housing Tax Credits LURA.

The partially affordable and age-restricted community incorporates 123 rent-restricted affordable units and 31 market-rate apartments, designated for residents aged 62 and over.

Completed in 2004, Wright Senior Apartments encompasses three buildings with studios, one- and two-bedroom floorplans ranging between 528 and 925 square feet. The community offers a fitness center, a swimming pool, a clubhouse, an elevator, two laundry facilities and approximately 300 parking spaces. Apartment amenities include washer and dryer connections, vaulted ceilings and private balconies or patios.

The property sits on a 12.5-acre site located at 1104 S. Carrier Parkway. The property is near Interstate 30, which provides direct access to downtown Dallas and Fort Worth. While transaction activity slowed down in the Metroplex during the first quarter of 2023, that came on the heels of the area’s second-best year for multifamily deals in a decade, with transactions totaling more than $10 billion last year, according to a Yardi Matrix report.