A joint venture between Cantor Fitzgerald Income Trust Inc., a non-traded real estate investment trust, and affiliates of Cantor Fitzgerald L.P., along with real estate firm CAF Management LLC, have purchased Keller Springs Crossing, a 304-unit Class A multifamily property located in the Dallas suburb of Carrollton, Texas.
The purchase price was $56.5 million, excluding closing costs, according to a filing with the Securities and Exchange Commission. The REIT and the Cantor Fitzgerald affiliates own a 97 percent interest in the joint venture, while CAF owns the remaining 3 percent.
The acquisition is the third multifamily acquisition by joint ventures between Cantor Fitzgerald-sponsored companies and CAF in the greater Dallas area.
Built in 2015, the property includes 13 different floor plans with an average unit size of 841 square feet. Community amenities include a fitness center, swimming pool, game room, business center, and a pet park. As of February 24, 2021, the property was 92.4 percent leased, which is consistent with the Carrollton submarket that averaged 93.8 percent occupancy during the third quarter of 2020.
The property is located near Dallas North Tollway and President George Bush Turnpike, with access to DFW international Airport and major employment centers including the Platinum Corridor, Telecom Corridor, I-90 Corridor, and the Dallas Central Business District.
“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,” said Jay Frank, chief operating officer at Cantor Fitzgerald Investment Management.
Cantor Fitzgerald Income Trust Inc., formerly known as Rodin Global Property Trust, invests in stabilized commercial real-estate and debt secured by commercial real estate located primarily in the United States. The REIT owns a property portfolio valued at $179 million, and real estate-related assets valued at approximately $23.7 million, as of the third quarter of 2020. Cantor Fitzgerald Income Trust raised $170.4 million in investor equity as of December 2020.