February 13, 2018
Dalcor Cos., a Dallas investor, acquired the 810-unit Vista on Gessner in Houston. The seller, listed as Calingford Apartments of Houston, disposed of the 40-year-old asset at 6425 S. Gessner Rd. for an undisclosed price. The new owner is planning a huge capital investment to upgrade units and the property’s exterior.
“New ownership will provide the residents with a substantially upgraded property at affordable rents by taking advantage of the TDHCA Housing Tax Credit Program, preserving affordable housing for low-income households,” said Todd Franks with SVN Investment Sales Group. Franks and SVN colleague Matt Rotolante of Miami, FL. Brokered the transaction.
The submarket represents a stable, working-class neighborhood. Workforce housing rents increased by 3.4%, even when oil bottomed out in December 2015.
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