Sherman Residential Acquires Metroplex Asset
The 322-unit property is subject to a $44.8 million loan originated by Nationwide.
Axis Grand Crossing. Image courtesy of Yardi Matrix
Sherman Residential has acquired Axis Grand Crossing, a 322-unit luxury multifamily community in Grand Prairie, Texas, a Metroplex suburb. The seller was Wood Partners, according to Yardi Matrix data.
The same source shows that the property, formerly known as Alta Grand Crossing, is currently subject to a $44.8 million loan originated by Nationwide.
Built in 2022, the asset encompasses studio, one-, two- and three-bedroom floorplans ranging from 673 to 1,450 square feet. Apartments feature in-unit washers and dryers, above standard ceiling heights, electronic thermostats and ovens with built-in air fryers. Community amenities include a 24-hour fitness center, two gated pet parks, a swimming pool, a clubhouse and a business center with private conference rooms.
A well-located community
The garden-style property at 1661 S. Forum Drive is located between Fort Worth and Dallas, roughly 21 miles from each city’s downtown area. Situated off Interstate 20, Axis Grand Crossing offers residents easy access to large employers including Lockheed Martin and General Motors, both of which operate within a 7.5 mile-radius of the community. Along I-20, there are also multiple retail, dining and entertainment options.
Sherman’s Vice President Garrett Salk stated in prepared remarks that the acquisition furthers the company’s history of investing in properties in the Dallas-Fort Worth metro. This is the fourth community the firm owns in the area and the sixth in the state. Despite signs of a slowdown, the Metroplex multifamily market maintains strong fundamentals. Recently, Presidium has opened a 290-unit luxury community roughly 6 miles from Axis Grand Crossing.
