NEW YORK, NY - Affiliates of Cantor Fitzgerald Investors, LLC, a subsidiary of Cantor Fitzgerald, L.P., along with an affiliate of CAF Management, LLC acquired, through a joint venture, a 444-unit Class A multifamily property known as The Station at MacArthur located in the Las Colinas submarket of Irving, TX.
The property is centrally located on the DART transit line and offers easy access to both DFW and Love Field airports, as well as the Dallas Central Business District. Las Colinas is the second largest employment node in North Texas and the property is adjacent to Verizon's Hidden Ridge development, which is expected to host 7,000 jobs and include an office building, a hotel, retail, restaurants and green space when completed.
"The property is ideally located in Las Colinas, a submarket that boasts strong demographics, high occupancy and a growing job market," said Chris Milner, Head of Cantor Fitzgerald Investment Management ("CFIM"). "Corporate relocations continue to drive demand in the area making this an attractive addition to our growing real estate platform," added Jay Frank, COO at CFIM.
The property features townhouse style layouts with an average unit size of 1,031 square feet and 100% private garage access. Community amenities include a two-story fitness facility, business center, four outdoor pools, gated entry and a pet park. As of October 2020, the property is 94.6% leased, which is consistent with the Las Colinas submarket that has had an average occupancy of 94.4% since 1996.
"We are thrilled to partner with Cantor Fitzgerald on this acquisition. Our extensive Dallas multifamily management expertise melds well with Cantor Fitzgerald's real estate investment prowess," said Chris Faulkner, CEO of CAF Management. "This partnership represents a high-quality asset in a great location that we hope will create value for investors."
The transaction marks the second acquisition between affiliates of CFI and CAF in the greater Dallas area, with CAF acting as the property manager. CFI, in coordination with its operating partners, manages investments in 13 multifamily properties (4,325 units) in addition to over 6.2 million square feet office, industrial and retail space in 115 properties. In 2019, Cantor Fitzgerald participated in more than $84.0 billion of real estate transactions. Founded in 2010, CAF is a Dallas-Fort Worth-based real estate management firm which manages 50 properties (15,827 units) in Texas and 29 properties in the Dallas MSA.