DALLAS – An organization that acquires and rehabilitates affordable apartments has made a statewide purchase of 1,444 affordable housing units across six rental communities, including a Dallas property.
Woodglen Park Apartments on South Cockrell Hill Rd. has 232 units. It was acquired by Elizabeth Property with funds from American South Real Estate.
The other properties are in Houston, Beaumont, Huntsville, Bryan-College Station, and Wichita Falls and are 94 percent leased. Renters must have incomes less than 60 percent of the area median income.
American South Real Estate has funded 22 investments since 2018, totaling $96 million in equity. Out of 5,000 units, 80 percent were affordable housing.