Photo credit: Axis Kessler Park
The Vistria Group and Waterford Property Company partnered for their second mixed-income housing deal in Dallas-Fort Worth as they purchased Axis at Kessler Park, a Class A, 299-unit property at 2400 Fort Worth Avenue, for $67 million from Chicago-based real estate investor Sherman Residential.
The price comes to more than $224,000 per unit, and the owners will immediately restrict rents for new qualified residents, converting the property into essential workforce housing.
Freddie Mac, through Walker & Dunlop, provided a $37 million loan for the purchase. The terms of the sale were not disclosed, but the property was valued at $66 million in 2024, Dallas Central Appraisal District records show.
Ten percent of the 299 units will be reserved for residents who earn 60 percent of the area median income; 41 percent of units will be set aside for residents who make 80 percent AMI; and 39 percent of units will be available to residents making 140 percent AMI. The Dallas/Fort Worth area median income is about $89,000 for a family of four or $63,000 for a single person.
The property, built in 2017 and located about five miles west of downtown Dallas, just south of Interstate 30, is the second affordable housing project for Vistria and Waterford.
Axis Kessler Park consists of large one-, two- and three-bedroom units. The property offers amenities that include a clubhouse, fitness center, business center, dog park, private garages, resort-style pool, and storage units. The community is located within the suburban neighborhood of Kessler in Dallas, strategically between the Bishop Arts District and Trinity Groves.
