DALLAS, TX - A joint venture between a subsidiary of Cantor Fitzgerald Income Trust and affiliates of Cantor Fitzgerald, L.P. and CAF Management, acquired a 304-unit Class A multifamily property known as Keller Springs Crossing located in Carrollton, a submarket of Dallas, TX. The acquisition closed February 25, 2021 and is the third multifamily acquisition by joint ventures between Cantor Fitzgerald sponsored companies and CAF in the greater Dallas area.
The property is strategically located near Dallas North Tollway and President George Bush Turnpike, with easy access to DFW international Airport and major employment centers including the Platinum Corridor, Telecom Corridor, I-90 Corridor, and the Dallas Central Business District. Nearby downtown Carrollton offers commuters multiple light rail transit options with Dallas Area Rapid Transit (DART) and service to Denton using the Denton County Transportation Authority (DCTA). In addition, Keller Springs Crossing is minutes from world-class shopping and premier country clubs along with beautiful parks and wooded areas.
"The property is a high-quality and well-located asset in a submarket that has remained strong throughout the pandemic," said Chris Milner, President of CF Income Trust. "Research shows that demand in the DFW multifamily market over the last 12 months has been the highest in the country making this an attractive addition to our growing real estate platform" added Jay Frank, COO at Cantor Fitzgerald Investment Management.
Built in 2015, the property features 13 different floor plans with an average unit size of 841 square feet. Community amenities include a fitness center, resort-style swimming pool, game room, business center, and a pet park. As of February 24, 2021, the property was 92.4% leased, which is consistent with the Carrollton submarket that averaged 93.8% occupancy during Q3 2020.
"We are thrilled to continue our partnership with Cantor Fitzgerald on this acquisition, which represents a high-quality asset in a great location that we hope will create value for investors" said Chris Faulkner, CEO of CAF Management."
Cantor Fitzgerald's real estate investment management portfolio currently includes 4,325 multifamily units in addition to over 6.8 million square feet of office, industrial, and retail space across 116 properties. In 2020, Cantor Fitzgerald participated in more than $72.3 billion of total real estate transactions.
Source: Cantor Fitzgerald Income Trust