Dallas Firm Sells Luxury Apartment Complex in Waxahachie

Kalterra Capital Partners said Tuesday it completed the sale of Park Place, a 213-unit luxury apartment complex at 240 Park Place Blvd. in Waxahachie.

The project is Kalterra’s second sale this year and one of three ground-up multifamily developments Kalterra expects to sell in 2021, the Dallas firm said in a release. Kalterra did not disclose the identity of the buyer.

The 12-acre site, just east of U.S. 287 and adjacent to Waxahachie’s Sport Complex, "will serve the growing demand for Class-A luxury apartments in the county," Kalterra said. The firm said it plans to begin construction on a second conventional multifamily development and an active adult development in Waxahachie this year.

“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,” Clint Nolen, Kalterra managing partner and co-founder, said in the release.

Park Place's contemporary design includes luxury interior and exterior finishes aimed at professionals. Amenities include a resort-style pool, fitness center, large dog park, private yards, attached garages, and 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. Kalterra is a Dallas-based private real estate company specializing in the ground-up development of upscale multifamily and mixed-use properties in Texas. The company and its partners aim to complete over 6,000 units by 2030, the company said.