Waterford and Vistria Invest $67M in Dallas Workforce Housing at Axis Kessler Park

In an impactful move that underscores their commitment to creating affordable living options for the workforce of Dallas, Waterford Property Company and The Vistria Group have joined hands once again. This time, their collaboration has enabled the acquisition of a premium multifamily community, Axis Kessler Park, at 2400 Fort Worth Avenue. A considerable sum of $67 million was invested to secure this garden-style, class A property consisting of 299 units, enhancing the portfolio of workforce housing in the region.

This strategic acquisition not only extends the reach of Waterford in the Dallas area but also aligns with their innovative approach towards offering essential housing solutions. The mission is straightforward yet compelling: to make housing more attainable for the backbone of Dallas – its essential workers. A collaboration with the City of Dallas Housing Finance Corporation lends a powerful public-private tenor to the venture, strengthening the social fabric through mixed-income residential options.

Michael Shaid, The Vistria Group’s Vice President of Real Estate, shared, “It is core to our investing and impact philosophy to create more affordable housing, building more resilient households and vibrant communities. Axis Kessler Park will add high quality affordable options for those who live, work, and play in Dallas.” This sense of purpose is echoed by John Drachman, Co-Founder of Waterford, who emphasized the critical need for affordable housing for essential workers, especially as Dallas rents have soared by over 20% since the onset of the pandemic.

Axis Kessler Park delivers on the promise of quality and accessibility with its convenient location amidst the Kessler neighborhood. Residents can enjoy proximity to urban hotspots like the Bishop Arts District and Trinity Groves, along with a host of amenities including a clubhouse, fitness and business center, and a resort-style pool.

The emphasis on serving those earning between 60 to 140 percent of the Area Median Income will see the community housing a majority of middle-income tenants. Important roles such as healthcare workers, educators, and managers will find Axis Kessler Park an accessible and comfortable housing option, thanks to this initiative.

In this endeavor, Waterford and The Vistria Group display unwavering expertise, showcasing that effective leadership and insightful investment strategies pave the way for resilient and thriving communities.