Highlights:
– 180-Unit Affordable Workforce Housing Community Built in 2000 in Booming Dallas, Texas
– Located Less than 10 Miles from Downtown Dallas
– Proximate to Booming Interstate 20 Distribution Center Corridor
– Submarket Annual Rent Growth Exceeding Six Percent in the Past Two Years
– Low-Density, Well-Maintained Community with Highly Sought-After Amenities
– Offered on an Assumption Basis with Low In-Place Interest Rates
We are pleased to announce the exclusive listing of Homes of Persimmons, an affordable 180-unit apartment community in Dallas, Texas. Built in 2000, under the Section 42 Low-Income Housing Tax Credit (LIHTC) program, the asset offers residents spacious two-, three-, and four-bedroom townhome floor plans with direct access garages. Homes of Persimmons is a low-density property with ample green space and highly sought-after community amenities such as a swimming pool, playgrounds, basketball court, picnic area, and beautiful clubhouse.
Located less than 10 miles south of downtown Dallas and 1.1 miles to Dallas’s booming Interstate 20 Distribution Center Corridor, Homes of Persimmons offers a new investor the unique opportunity to acquire a well-maintained, affordable workforce housing community in a market with a workforce of over 1.3 million. The long list of companies includes Amazon, BMW, Quaker Oats Foods, Wayfair, LOreal, Discount Tire, Chewy.com and many others. The immediate submarket has seen exceptional growth over the last couple of years, with average annual rent growth exceeding six percent for nine consecutive quarters. The property is located one and a half miles from Interstate 45, providing a quick and convenient commute to downtown Dallas and the surrounding metroplex.
Amazon recently purchased a 920,000-square foot distribution center in Lancaster off Dallas Avenue south of Interstate 20. This new South Dallas facility will be located at the northwest corner of Interstate 45 and Interstate 20 and will create 500 to 900 jobs. Wayfair is developing an 875,000-square-foot distribution facility which will include 14,000 square feet of office space just west of the Amazon distribution center. This new facility will be located at the northeast corner of Interstate 35E and Wintergreen.
Homes of Persimmons currently operates under the Section 42 Low-Income Housing Tax Credit (LIHTC) program, with a longer compliance period of 25 years and a 40-year extended use agreement in place. This agreement requires that 75% of the units be rented to tenants earning no more than 60% of the local Area Median Income (AMI), and 22% of the units be rented to tenants earning no more than 50% AMI. Further, it is required that at least 16% of the units be set aside for residents with physical and mental disabilities.
The buyer must agree to maintain the affordability restrictions under section 42 program through the extended use period. This will include but not be limited to operating the property in compliance with all state and federal regulatory agreements. Regulatory documentation provided upon request. Buyer to verify this information to their satisfaction. The property is in its 18th taxable year and the extended us period is on course to expire December 2040.
The property is being offered on an assumption basis, with an attractive, low in-place interest rate.
The Homes of Persimmon - 3245 Simpson Stuart Rd, Dallas, Texas 75241
