CBRE Arranges Sale of Age-Restricted Affordable Housing Community in Dallas

CBRE Affordable Housing announces the sale of Carpenter’s Point, a 150-unit senior housing community in Dallas placed in service in 2010 as part of the Section 1602 Tax Credit Exchange Program. Zimmerman Properties in partnership with Raymond James Housing Preservation Fund, purchased the property from National Housing Advisors, LLC for an undisclosed price.

Dmitry Gourkine and Johnathan Smith of CBRE Affordable Housing, and Chris Deuillet and Chandler Sims of CBRE’s Dallas office represented the seller.

“Carpenter’s Point is the first Tax Credit Exchange property to be sold in the State of Texas and the second that CBRE Affordable Housing has sold in the country.” Said Mr. Gourkine, SVP, CBRE Affordable Housing, “This program allows properties to be sold fee simple earlier in the Tax Credit Compliance Period and provides tax benefits to the seller – while keeping properties available to the low-income residents who need it the most.”

Carpenter’s Point is located at 4645 Dolphin Road and has maintained a historically high occupancy with a waitlist of over 1,000 applicants. All units are restricted to residents 55 and older who earn at or below 60% of AMI. The property has a Project Based Voucher contract with the Dallas Housing Authority.

“The sale of Carpenter’s Point continues to demonstrate the appeal of the Dallas market for affordable housing buyers. Interest in the property was extremely strong and produced multiple offers.” said Mr. Deuillet, Senior Vice President of CBRE Dallas Multifamily. 

CBRE Affordable Housing is a specialty group within CBRE Group, Inc. that combines investment sales, debt and structured finance, and investment banking into a fully integrated service offering for clients in the affordable housing industry. They have closed over $16.2 billion dollars in sales and financing since 2001 and have conducted transactions in all 50 states and Puerto Rico.