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Dallas

Goldman Sachs, CAF buy 8 DFW apartment complexes

The portfolio comprises 3,800 apartment units across Dallas-Fort Worth

From left: Goldman Sachs' Sherry Wang and CAF Companies' Chris Faulkner (CAF, Getty, SCHED)
From left: Goldman Sachs' Sherry Wang and CAF Companies' Chris Faulkner (CAF, Getty, SCHED)

Goldman Sachs has expanded its Texas multifamily portfolio, in partnership with a local investor.

Goldman Sachs Asset Management and a subsidiary of CAF Companies have acquired “the Obsidian portfolio,” consisting of eight multifamily communities across the Dallas-Fort Worth metro. The financial terms of the transaction were not disclosed.

With this acquisition, the firms jointly own 3,800 apartment units, and CAF has doubled its portfolio to include 16 properties throughout Texas.

CAF is an impact investor based in Frisco, where the multifamily market has been strong this year with projects such as the 2,500-acre mixed-use Fields development set to bring a host of new multifamily inventory.
CAF’s “Impact + Housing” platform now has more than 6,000 units in Texas.

“Our internal analysis and academic research led us to believe that we can align investor and resident interest and expect strong returns via this purpose-driven strategy,” said CAF Companies CEO Chris Faulkner.

CAF and Goldman Sachs plan to invest in expansive environmental sustainability audits that will help them implement capital improvements to the portfolio.

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LED lighting, more efficient water fixtures, updated HVAC units and intelligent landscaping will be considered.

A previous example of CAF’s social investing was at an apartment complex, the Residences at North Dallas, where the company contracts with the nonprofit Kids-U to provide free after-school care and tutoring to residents.

The partners expect to implement something similar with this portfolio as well.

“We are proud to continue our partnership with CAF to preserve access to affordable housing for families in the Dallas-Fort Worth region,” said Sherry Wang, co-head of the Urban Investment Group at Goldman Sachs.

“With the potential to expand resident services through resources like after-school childcare, we have the opportunity to support the overall wellbeing of our tenants.”

The Urban Investment Group at Goldman Sachs has so far financed the creation and preservation of more than 53,000 housing units for low- and moderate-income families, according to a media release.

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AcquisitionsDallas-Fort WorthHousing