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Description

Highlights:

– 160-Unit Affordable Community Built in 1999 in High-Growth Grand Prairie, Texas
– Strategically Located Equidistant Between Dallas and Fort Worth
– Proximate to Numerous Employment, Retail, and Entertainment Drivers
– Spacious, Townhome-Style Floor Plans with Direct Access Garages
– Offered on an All Cash or Loan Assumption Basis

We are pleased to announce the exclusive listing of Prairie Estates, a 160-unit affordable apartment community in Grand Prairie, Texas. Built in 1999, the property offers residents townhome-style three- and four-bedroom floor plans with direct access garages in a private neighborhood setting. Prairie Estates makes residents feel at home with gourmet kitchens, designer countertops, dynamic vaulted ceilings, crown molding details, and marble vanity in master bathroom. Community amenities include an after-school program, a beautiful swimming pool with water feature, fitness center, and laundry facility.

Located equidistant between Dallas and Fort Worth, on Interstate 30, Prairie Estates provides residents quick and convenient access to all points of the Metroplex. Grand Prairie is surrounded by numerous major employers, exceptional schools, major retail centers, and diverse entertainment options. IKEA recently opened its newest location less than five miles from Prairie Estates and serves as an anchor for future retail growth in the area. Many highway projects have recently been completed and are currently underway around Prairie Estates to facilitate the areas extraordinary growth.

Major employers within the immediate area include Lockheed Martin Missiles and Fire Control, General Motors, Bell Helicopter-Textron, Inc., and Poly-America, Inc. The large number of employment opportunities in the area should provide a steady stream of qualified tenants to the property. General Motors Financial recently announced its purchase of a 240,000-square-foot building on 22 acres near its Arlington campus that is expected to add 900 jobs. General Motors Arlington Logistics Center will use 1.2 million square feet of industrial space to accommodate suppliers to its Arlington assembly plant and support up to 1,800 employees at project buildout. These new buildings are expected to be completed by December 2018. Because of its central location and proximity to air and highway transportation infrastructure, Grand Prairie is also a well-established distribution center. Much of the Great Southwest Industrial District, approximately 80 million square feet, lies in Grand Prairie. Quick access to the Dallas-Fort Worth International Airport, large local markets of Dallas and Fort Worth, and rail and interstate highways continue to attract new construction of warehouse, distribution, and manufacturing buildings.

Prairie Estates currently operates under the Section 42 Low-Income Housing Tax Credit (LIHTC) program, with a compliance period of 15 years and a 15-year extended use agreement in place. This agreement requires that 100% of the units be rented to tenants earning no more than 60% of the local Area Median Income (AMI), and at least 48 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 2030.

Detail

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    Property ID
    Class B
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    Property Size
    160 Units
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    Year Built
    1999

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Mark Allen CCIM
  • Mark Allen CCIM
  • +1 817 723 4274
  • +1 972 759 7835
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