DALLAS, TX – The Dallas Housing Authority (DHA) announced that it has selected 12 firms to join its roster of qualified private developers as partners to make more affordable housing opportunities across North Texas. The initial group of partners are: AMTEX Multi-Housing, Carleton Development, Fairfield Residential, Matthews Southwest, McCormack Baron Salazar, Michaels Development Company, Ojala Partners, Steele Properties, The NRP Group, Trammell Crow Company, Volunteers of America National Services and the combined team of DFW Advisors, KRR Construction, and Michael R. Coker Company.

The partners will work with DHA to redevelop seven of its properties that currently encompass 650 housing units and nearly 146 acres of land, and other affordable housing projects. Additional development partners will continue to be vetted and may be selected to join this group.

The first project DHA is redeveloping will be the former Brooks Manor site located in Oak Cliff/District 1. Brooks Manor is a 6.694-acre tract of land, zoned for retirement housing. The site formerly helped 225 households with public housing for seniors and persons with disabilities. DHA is seeking to redevelop the property to its highest and best use, including both market and subsidized rental housing. No specific developer has been selected to develop this project as of this announcement.

The developer selected for the redevelopment of Brooks Manor will also have an opportunity to redevelop the Cliff Manor site, which is also located in Oak Cliff/District 1. Cliff Manor is currently fully occupied. The residents (seniors and persons with disabilities) will be relocated prior to redevelopment. It is anticipated the majority of the Cliff Manor residents will be relocated to the redeveloped Brooks Manor site to ensure they continue to reside in affordable, safe and decent rental housing.

“We appreciate the willingness of these leading developers to form a public-private partnership to make more affordable housing across North Texas,” says Troy Broussard, president and chief executive officer for DHA. “Our goal is to increase the amount of much needed affordable housing across the communities we serve. We look forward to working with this network of premier developers to generate fresh thoughts for accomplishing this goal. We can deliver better housing solutions by working together.”

“I am pleased to see that the Brooks Manor and Cliff Manor public housing communities will be redeveloped by DHA with both market and subsidized rental housing so that these properties can better serve the community,” says Scott Griggs, City of Dallas Councilman for District 1. “As we continue to address poverty across our fantastic city, ensuring our citizens have access to safe, decent affordable housing is key. I look forward to working with DHA in this effort.”

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NEW YORK, NY – Bridge Seniors Housing Fund Manager, an affiliate of Bridge Investment Group, announced the buy of Somerby Senior Living Services, a premier seniors housing operator in the Southeastern United States, and a nine-property portfolio of seniors housing assets.

The buy of Somerby will allow Bridge to offer a more vertically integrated property management model within the seniors housing space. As of the end of 2018, Bridge owns 90 properties across two private equity funds managed by Bridge Seniors Housing Fund Manager.

The nine seniors housing properties bought represent a collection of modern, Class-A communities, located in prime Southeastern markets. The portfolio features a mix of Independent Living, Helped Living, and Memory Care units, providing residents the luxury of aging in place.

Birmingham, Alabama-based Somerby has established itself as a leading management company over the past several years, particularly in the Southeastern United States. Industry veteran David Grady, alongside his experienced team, will continue to lead the company post-acquisition. Somerby currently has 20 corporate-level employees and over 1,350 property-level employees. The properties currently managed by Somerby are over 94% occupied, which far surpasses the industry average.

“We are thrilled to bring David Grady and the Somerby team onboard. The portfolio and the team are best-in-class, with a compelling combination of product, people and markets. We are excited to further vertically integrate Bridge Seniors Housing Fund Manager through this acquisition,” said Robert Chapin, CEO of Bridge Seniors Housing Fund Manager.

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ARLINGTON, TX – The Praedium Group, a New York City-based national real estate investment firm, announced the acquisition of Arlington Commons in North Arlington, TX. Peter Calatozzo, Managing Director of The Praedium Group, made the announcement of the investment firm’s most recent acquisition.

Constructed in 2018, Arlington Commons consists of a 4-tale elevatored building with an attached structured parking garage, 10′-12′ ceilings, and views of the adjacent Rolling Hills Country Club golf course, Downtown Fort Worth, and Downtown Dallas.  The Property’s unit mix consists of one- and two- bedroom homes ranging from 580 SF to 1,418 SF.  Unit interiors feature granite or quartz countertops, stainless steel appliances, undermount sinks, designer backsplashes, chrome finishes, electronic door entry, vinyl plank wood flooring, custom track lighting, full size washer/dryers, and balconies or patios.  Community amenities include a swimming pool with a tanning shelf, resident lounge and business center within the clubhouse, wellness center with fitness on demand, valet trash, dog park with dog wash station, electronic parcel lockers, and a lounge deck with BBQ grills.

“Arlington Commons is located in the City of Arlington, a municipality which continues to grow its employment base and expand its position as the entertainment mecca of North Dallas,” said Mr. Calatozzo. “Arlington has seen significant population growth over the last decade and strong home price appreciation.  With limited delivery of new multifamily properties over the last several years, the submarket has a favorable supply and demand dynamic.”

Mr. Calatozzo continued, “The acquisition of this property fits well within our strategy of purchasing quality assets in growth markets.  The Dallas-Fort Worth metroplex continues to experience substantial population growth and strong employment gains, which have been and continue to be facilitated by a significant number of corporate relocations and expansions within the MSA.”

Josh Kogel, Associate of The Praedium Group, added: “Arlington Commons is an asset that is well positioned in a market with limited new supply.  The Property’s convenient location benefits from a variety of easily accessible corporate headquarters and employment hubs, as well as newly developed entertainment and retail.”

Arlington Commons is centrally located within the Dallas-Fort Worth MSA and roughly equidistant from the major employment centers in both downtown Dallas and downtown Fort Worth. The property provides fantastic accessibility and connectivity throughout the Metroplex, as it is proximate to I-30, SH-360, and SH-161, and sits only 12 miles south of the DFW airport.

North Arlington is proximate to both a growing employment base and an expanding entertainment district. The property benefits from close proximity to a diverse employment base such as GM Financial, D.R. Horton, General Motors, the Fantastic Southwest Industrial District, the University of Texas-Arlington, Texas Health Resources, the Centreport Business Park, American Airlines Group, and UPS.  In addition, the property is located less than four miles from Arlington’s Entertainment District, which includes AT&T Stadium (home to the Dallas Cowboys), Globe Life Park/Globe Life Field (home to the Texas Rangers), Texas Live!, and Six Flags Over Texas/Hurricane Harbor.

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