CONTI Organization has acquired the 400-unit Dawntree in Carrollton, Texas, from Steadfast Cos. Yardi Matrix data shows Greystone originated a $36.6 million Fannie Mae acquisition loan. The financing bears a fixed, 4.35 percent interest rate over its 10-year term. The buyer intends to rebrand the property as Bella Vista Apartments.
Located at 1834 E. Peters Colony Road in a dense residential area, the asset is less than 3 miles from President George Bush Turnpike and less than 23 miles from downtown Dallas.
The community comprises one- and two-bedroom apartments in 55 two-story buildings. Built in 1982, the property includes common-area amenities such as two swimming pools, a fitness center and a tennis court. Per Yardi Matrix data, the asset was 96 percent occupied in February.
The Dallas-Fort Worth metro added approximately 109,000 jobs in the 12 months ending in September, as per a recent Yardi Matrix seasonal report. This growth has translated into an overall demand for rental housing and especially for affordable communities.
“New apartment supply has garnered the biggest headlines, but the untold story is that there is a limit to how many people can afford the high rents these new properties command,” said Carlos Vaz, co-founder & CEO at CONTI Organization, in prepared remarks. “As a result, we are seeing more demand than ever for our properties, especially since we place as much value on excellent operations as we do on improving their physical appearance”