Frisco-based real estate company, CAF Cos., teamed with a unit of Goldman Sachs to purchase eight Texas apartment communities, according to The Dallas Morning News.
CAF and Goldman Sachs Asset Management’s urban investment group bought more than 2,700 rental units in North Texas. The goal is to keep the units affordable for single residents and families.
“We are proud to continue our partnership with CAF to preserve access to affordable housing for families in the Dallas-Fort Worth region,” Goldman Sach’s Sherry Wang said in a statement. “With the potential to expand resident services through resources like after-school child care, we have the opportunity to support the overall well-being of our tenants.”
CAF Cos. has bought more than 65 properties with almost 25,000 units since opening in 2010 and manages more than $3 million in apartments. Goldman Sachs’ investment group has more than $14 billion in real estate projects.
“We are working to bring social impact investing to arguably the most intimate venue of real estate: housing,” CAF’s Matt Falkin told The Dallas Morning News.
The partnership between CAF and the urban investment group was announced last year with plans for a North Texas apartment community. The community is also providing children’s programs such as math, language arts, social-emotional learning and summer enrichment programs. English second language (ESL) classes and financial literacy programs are being offered for adult residents.
“We see a large number of sites throughout Texas where this type of deal will make economic sense,” CAF CEO Chris Faulkner said. “We also see partners such as Goldman Sachs with the commitment and funding to make these types of win-win projects a reality.”
According to the press release, CAF and Goldman Sachs have planned to create environmental sustainability audits to assist in implementing capital improvements aimed at increasing energy efficiency such as LED lighting, efficient water fixtures, updated HVAC units and smart landscaping.