Waterford JV Acquires 395-Unit Dallas Community

Plans call for converting the property to workforce housing.

Waterford Property Co., Northern Liberties and The Vistria Group, in partnership with Dallas Housing Finance Corp., have acquired Domain at Midtown Park, a 395-unit community in North Dallas. LivCor was the seller, according to Yardi Matrix information.

The buyer took out a $46.8 million, 10-year Freddie Mac loan originated by Walker & Dunlop, the same data source shows.

Plans call for converting the property to workforce housing. To that end, the new ownership entered a 99-year ground lease agreement with the DHFC, which will restrict rents for new residents in exchange for 100 percent property tax abatement.


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A total of 51 percent of the units will cater to residents earning 80 percent of the average median income and another 39 percent for households earning 140 percent of AMI. Only 10 percent will be market-rate apartments.

The 2016-completed community consists of 13 two- and three-story buildings spread across 15 acres. The unit mix includes studio, one-, two- and three-bedroom floorplans ranging between 598 and 1,786 square feet. Apartments feature walk-in closets, private balconies or patios, washers and dryers.

Common-area amenities include a fitness center, business center, community room, clubhouse with billiards, swimming pool with lounge areas, dog park and a golf simulator. Additionally, Domain at Midtown Park has a media room and more than 680 parking spaces.

Located at 8169 Midtown Blvd., the property is 8 miles from downtown Dallas and less than 1 mile from The Hill Shopping Center and Meadow Central Market. The community is also 3 miles from a 606-unit multifamily asset that traded last year.

Dallas multifamily sector shows strength

The Dallas market saw four communities—more than 900 units—sell in January and February for a combined $113.3 million, a slightly lower activity compared to 2023’s six communities changing hands for $140.1 million during the same period. However, the average price per units rose year-over-year from $119,045 to $125,602.

In one of these four transactions, Knightvest Capital expanded its Dallas inventory with the acquisition of The Dorian Apartments, a 398-unit community in Plano. White Oak Partners sold the 2008-completed asset.