CONAM Expands in DFW With 325-Unit Buy
The luxury community previously traded in 2022.
The CONAM Group’s discretionary fund, CONAM Strategic Investments Fund IV LP, has purchased The Maxwell, a Class A 325-unit luxury community in Frisco, Texas.
Brooklyn-based Hampshire Properties sold the asset for an undisclosed price, according to The Real Deal. CONAM acquired the property with the help of a $42 million loan from CBRE Multifamily Capital, the same source reports.
The Maxwell had been under Prospect Ridge’s ownership since 2022, when the company purchased it from Rose Valley Capital, using a $68 million acquisition loan issued by Barings, according to Yardi Matrix information.
The upscale community came online in 2018 at 7777 Adelaide St. The Maxwell consists of three four-story buildings across a 5-acre site, enclosing 25 studios, 166 one-bedroom, 121 two-bedroom and 13 three-bedroom units, with floorplans ranging from 502 to 1,806 square feet. Shared amenities include a clubhouse with coffee bar, two swimming pools, a fitness center, conference rooms and a courtyard with grilling stations.
The Maxwell is part of Canals at Grand Park, a single-family home master-planned community, adjacent to Frisco’s Grand Park and within 30 miles north of downtown Dallas. CONAM owns another four residential properties in the Metroplex, namely Arise Craig Ranch in McKinney, ALMA on Maple in Dallas, and The Homes of Mountain Creek and Wright Senior Apartments in Grand Prairie.
DFW multifamily market slows down
Investment activity in Dallas-Fort Worth dropped to $3.5 billion last year, after an annual average of $5.3 billion recorded from 2015 to 2023, excluding 2021 and 2022, a recent Yardi Matrix report shows. Dallas’ average price per unit in 2024 was $156,352, down 0.8 percent year-over-year.
As of March, advertised asking rents in the Metroplex decreased 0.4 percent to $1,518 on a trailing three-month basis through January, down 1.8 percent year-over-year. The occupancy rate in stabilized properties ranked among the lowest in the country, at 92.7 percent, marking a 0.4 percent drop year-over-year through January.
