After a long, dark winter, DFW’s multifamily market is showing signs of life.
In its latest deal, Kairoi Residential expanded its Sunbelt portfolio with a Dallas multifamily highrise.
The San Antonio-based developer acquired The Taylor, a 17-story apartment building at 3100 Carlisle Street in Dallas’ Uptown neighborhood. The seller is Chicago-based real estate investor Heitman, which purchased it in 2015, according to deed records.
Kairoi partnered with Cologne-based fund German American Realty for the purchase.
The price wasn’t disclosed, but the 308-unit property is valued at $99.5 million by the Dallas Central Appraisal District.
The property’s location offers easy access to the Katy Trail and Turtle Creek. It was built in 2012.
The trade represents the long-awaited thawing of the DFW multifamily market.
Multifamily deal volume has started to tick up as capital becomes more available, brokers say. It’s nowhere near recent highs, but it’s certainly an improvement from deal volume recorded at this time last year.
As inventory rises and prices stabilize, “Capital is returning to the playing field,” JLL’s Dustin Selzer told The Real Deal earlier this month.
Kairoi has acquired more than $600 million worth of multifamily assets in the last 10 months, CEO Michael Lynd Jr. wrote on LinkedIn. The firm manages 31,000 units in the Sunbelt, including 6,500 units in Dallas-Fort Worth.
Kairoi Residential is also in the business of developing luxury multifamily.
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It is planning a $75 million, eight-story apartment building for Dallas’ Knox-Henderson neighborhood — its fourth luxury apartment community in Dallas-Fort Worth. Kairoi also developed Selene at 2620 Maple Avenue, Boheme at 1207 North Zang and Amelia at Farmers Market at 999 South Harwood Street.
German American Realty Group raised $90 million last year for a fund specializing in Sunbelt multifamily.