CONTI Organization Expands DFW Presence

Steadfast Income Reit sold the 350-unit Waterford on the Meadow after six years of ownership. Greystone originated a Fannie Mae loan for the acquisition of the Plano, Texas, asset.
Waterford on the Meadow.
Waterford on the Meadow. Image courtesy of Yardi Matrix

Steadfast Income REIT has sold the 350-unit Waterford on the Meadow in Plano, Texas, according to Collin County public records. Greystone originated a $33.6 million Fannie Mae acquisition loan for the new owner, CONTI Organization. Per Yardi Matrix data, the asset last traded in 2013 as part of a two-property portfolio that also included Arbors of Carrollton, a 131-unit community in Carrollton, Texas. 

Waterford on the Meadow consists of one- and two-bedroom apartments with floorplans raging from 719 to 1,005 square feet, spread across 47 two-story buildings at 1414 Shiloh Road. Completed in 1984, the asset is within the Plano Independent School District, 3 miles of CityLine and roughly 5 miles of the Telecom Corridor, both mixed-use developments in Richardson, Texas. Amenities at the property include three pools and a volleyball court. According to Yardi Matrix, the property was 94.9 percent occupied as of April.  

Recently, the Dallas-Fort Worth metro has been very attractive for CONTI Organization. In a similar transaction in April, the company purchased a 400-unit community in Carrollton, which is less than 17 miles of Waterford on the Meadow.