Cantor Fitzgerald Income Trust, Inc. and CAF Capital Close Multifamily Acquisition in Carrollton, TX
NEW YORK, March 4, 2021 /PRNewswire/ -- A joint venture between a subsidiary of Cantor Fitzgerald Income Trust, Inc. ("CF Income Trust"), and affiliates of Cantor Fitzgerald, L.P. (together with its affiliates, "Cantor Fitzgerald") and CAF Management, LLC ("CAF"), acquired a 304-unit Class A multifamily property known as Keller Springs Crossing located in Carrollton, a submarket of Dallas, TX. The acquisition closed February 25, 2021 and is the third multifamily acquisition by joint ventures between Cantor Fitzgerald sponsored companies and CAF in the greater Dallas area.
The property is strategically located near Dallas North Tollway and President George Bush Turnpike, with easy access to DFW international Airport and major employment centers including the Platinum Corridor, Telecom Corridor, I-90 Corridor, and the Dallas Central Business District. Nearby downtown Carrollton offers commuters multiple light rail transit options with Dallas Area Rapid Transit (DART) and service to Denton using the Denton County Transportation Authority (DCTA). In addition, Keller Springs Crossing is minutes from world-class shopping and premier country clubs along with beautiful parks and wooded areas.
"The property is a high-quality and well-located asset in a submarket that has remained strong throughout the pandemic," said Chris Milner, President of CF Income Trust. "Research shows that demand in the DFW multifamily market over the last 12 months has been the highest in the country making this an attractive addition to our growing real estate platform" added Jay Frank, COO at Cantor Fitzgerald Investment Management.
Built in 2015, the property features 13 different floor plans with an average unit size of 841 square feet. Community amenities include a fitness center, resort-style swimming pool, game room, business center, and a pet park. As of February 24, 2021, the property was 92.4% leased, which is consistent with the Carrollton submarket that averaged 93.8% occupancy during Q3 2020.
"We are thrilled to continue our partnership with Cantor Fitzgerald on this acquisition, which represents a high-quality asset in a great location that we hope will create value for investors" said Chris Faulkner, CEO of CAF Management."
Cantor Fitzgerald's real estate investment management portfolio currently includes 4,325 multifamily units in addition to over 6.8 million square feet of office, industrial, and retail space across 116 properties. In 2020, Cantor Fitzgerald participated in more than $72.3 billion of total real estate transactions.
About Cantor Fitzgerald, L.P.
Cantor Fitzgerald, L.P., with over 12,000 employees, is a leading global financial services group at the forefront of financial and technological innovation and has been a proven and resilient leader for over 75 years. Cantor Fitzgerald & Co. is a preeminent investment bank serving more than 5,000 institutional clients around the world, recognized for its strengths in fixed income and equity capital markets, investment banking, prime brokerage, and commercial real estate and for its global distribution platform. Cantor Fitzgerald & Co. is one of the 24 primary dealers authorized to transact business with the Federal Reserve Bank of New York. For more information, please visit: www.cantor.com.
About Cantor Fitzgerald Income Trust, Inc.
Cantor Fitzgerald Income Trust, Inc. is a publicly registered, non-traded, monthly-valued perpetual real estate investment trust ("REIT")1 designed to deliver tax-advantaged distributions2 and structured for transparency and an alignment of interests with investors.3
About CAF Capital
CAF is a Dallas/Fort Worth based real estate firm specializing in the acquisition, redevelopment and management of institutional quality multifamily properties, primarily in the state of Texas. CAF currently manages 50 multifamily assets totaling over 15,000 units. CAF was founded in 2010 by Chris Faulkner and currently has over 400 employees. For more information, please visit: cafmanagement.com.
1 We elected to be taxed as a Real Estate Investment Trust ("REIT") beginning in the taxable year ending December 31, 2017. Our failure to qualify as a REIT would result in higher taxes, may adversely affect our operations, would reduce the amount of income available for distribution and would limit our ability to make distributions to our shareholders.
2 There is no guarantee of distributions. Distributions have and may continue to be paid from other sources other than cash flow from operations, including offering proceeds, which reduce investor's overall return. Distributions paid with respect to Class D Shares, T Shares and Class S Shares will be reduced by the ongoing distribution fee payable with respect to such classes of shares.
3 All of our executive officers, some of our directors and other key real estate professionals are also officers, directors, managers and key professionals of our advisor, our dealer manager or other entities affiliated with Cantor and as a result face significant conflicts of interest.
SOURCE Cantor Fitzgerald, L.P.
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