A joint venture between affiliates of Cantor Fitzgerald Investors LLC and CAF Management LLC, has purchased The Station at MacArthur, a 444-unit Class A multifamily property located in the Las Colinas submarket of Irving, Texas. The purchase price was not disclosed.
The Station at MacArthur includes townhouse style layouts with an average unit size of 1,031 square feet and 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 was 94.6 percent leased.
“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.
The Station at MacArthur is located on the DART transit line and offers access to both Dallas-Fort Worth and Love Field airports, as well as the Dallas central business district. It sits 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 company said.
The transaction marks the second acquisition between affiliates of Cantor Fitzgerald Investors and CAF in the Dallas area, with CAF acting as the property manager.
Cantor Fitzgerald Investors, in coordination with its operating partners, manages investments in 13 multifamily properties (4,325 units) in addition to more than 6.2 million square feet office, industrial and retail space in 115 properties. In 2019, the firm participated in more than $84 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.
CAF is a Dallas/Fort Worth based real estate firm specializing in the acquisition, redevelopment and management of multifamily properties, primarily in the state of Texas. They currently manage 50 multifamily assets totaling 15,000 units.