The local rental company is working with Goldman Sachs to house workers in Dallas
A Dallas real estate investor is working with a Goldman Sachs unit to provide local worker housing.
CAF Cos. owns nearly three dozen residential communities in Texas markets.
The condo landlord is working with Goldman Sachs Asset Management Urban Investment Group to transform a rental community in far north Dallas on Midway Road.
The Residence at North Dallas Apartments were built in the 1980’s and renovated in 2020 by CAF Cos. acquired. The extensive rental project includes more than 1,000 apartments.
Rents at The Residence at North Dallas start at just over $1,000 per month for the smallest units.
In addition to providing affordable housing, the owners are adding educational, human resources and staff development programs to the rental project.
“Our internal analysis and academic research leads us to believe that we can align investor and community interest and expect strong returns through this purpose-driven strategy,” CAF CEO Chris Faulkner said in a statement. “We anticipate that these programs will result in higher retention rates as residents find their lives enriched and spread awareness of the program.”
The apartment community also offers educational programs for children in math, language arts, social-emotional learning, and summer enrichment programs. English second language courses and financial education programs are available for adults.
“After a year of families increasingly dependent on homes, the need for quality housing for workers has never been greater,” said Sherry Wang, co-head of Urban Investment Group at Goldman Sachs Asset Management, in a statement .
Upgrades planned for the rental community include a remodeled community center, new lighting, more efficient water fixtures, updated HVAC units, and green landscaping.
CAF is working on other worker housing acquisitions in the state.
“We see a large number of locations throughout Texas where this type of business makes commercial sense,” Faulkner said. “We also see partners like Goldman Sachs with the commitment and funding to make these types of win-win projects a reality.”
CAF Cos. has been in business since 2010 and has purchased and managed more than $3 billion in Texas homes.
Headquartered in New York, Goldman Sachs Asset Management is an advisor to institutional investors with more than $2.3 trillion in assets under management worldwide.
The Urban Investment Group has committed more than $10 billion in real estate projects, social enterprise and small business and student credit facilities.