CONTI Acquires Waterford on the Meadow
Dallas, TEXAS (June 13, 2019) – CONTI Organization, one of North Texas’ largest private multifamily property owners, has acquired Waterford on the Meadow, a 350-unit apartment complex located at 1414 Shiloh Road in Plano, Texas. This acquisition is CONTI’s 40th since the company was founded in 2008. Currently, CONTI owns 29 properties representing 8,180 apartment units in Dallas-Fort Worth, ranking it as the 6th largest multifamily owner by property count and 8th largest by unit count, according to Real Capital Analytics.
“Waterford on the Meadow is within minutes of two of Dallas-Fort Worth’s most dynamic job and development centers— CityLine and the Telecom Corridor—and is also located within the excellent Plano ISD,” said Stewart Hsu, co-founder and president, CONTI Organization. “With CONTI’s ability to add value to solid, well-located, workforce housing properties, an asset class for which demand continues to grow, Waterford will be a wonderful addition to our portfolio.”
Built in 1984, Waterford on the Meadow is a two-story, garden-style complex that consists of a total of 310,902 square feet on nearly 22 acres. The complex has three swimming pools, covered parking and other outdoor amenities, including a volleyball court.
CONTI acquired Waterford on the Meadow from Steadfast Income REIT. CBRE represented the seller in the transaction.
“The acquisition of Waterford is not an isolated event, it is part of our long-term plans for Texas. At CONTI we believe that our relationships with the brokerage community is shown through our performance, our long-term approach and the idea that together we can all achieve more. Ultimately, our greatest asset is our company culture and our people, that’s how we deliver results,” said Carlos Vaz, co-founder and CEO, CONTI Organization.
In its report on the multifamily market for the first quarter of 2019, MPF Research noted how the tremendous amount of new supply has weighed on occupancy and rent growth for Class A units. However, for B and C class units, the part of the market on which CONTI focuses, occupancy and rent growth outperformed the upper end of the market in the first quarter, as they have the past several quarters.
About CONTI Organization
Founded in 2008, CONTI is a vertically-integrated real estate investment company specializing in value-added multifamily investments in Texas. At CONTI, our focus is on multifamily properties, and our mission is to be the leading owner and operator of multifamily housing in Texas while benefiting the lives of our residents, our investors, our team and every individual that touches our business.