Kalterra Capital Partners has sold Park Place, a 213-unit apartment complex, located at 240 Park Place Blvd, in Waxahachie. The project is Kalterra’s second sale this year and one of three ground-up multifamily developments in Kalterra’s portfolio expected to transact in 2021.
The 12-acre site falls within the rapidly growing Ellis County submarket, located 30 miles south of the DFW Metroplex. Kalterra plans to begin construction on a second conventional multifamily development and an active adult development in Waxahachie this year.
“We are proud to complete the sale of our second overall multifamily development in Waxahachie,” said Clint Nolen, managing partner and co-founder of Dallas—based Kalterra Capital Partners. “Park Place not only represents our purpose to meet the needs of our investors and communities, but it also represents the phenomenal team that worked together to make it one of our many successes.”
Park Place is another example of a successfully executed high-end multifamily product in suburban markets. The multifamily development is the first of three for Kalterra in Waxahachie this year, with more active developments in the works coming soon. The project includes amenities such as a resort-style pool, well-appointed fitness center, large dog park, private yards, attached garages, and a walking trail.
“Park Place achieved a higher rate rental than originally projected and has a market-leading retention rate,” said Nic Balsamo, partner of Kalterra Capital Partners. “We began construction in 2018, completed in 2019 and were fully stabilized in 2020. Accomplishing such a lease-up in the middle of a challenging 2020 is a testament to both the strength of the market and overall quality of our first development in Waxahachie.”
Premium Property USA also partnered with Kalterra in the closing of Park Place.