LIHTC senior housing property changes ownership

A 154-unit Low-Income Housing Tax Credit (LIHTC) senior housing property has changed hands in Grand Prairie, Texas

Constructed in 2005, Wright Senior Apartments includes 123 rent-restricted affordable units and 31 market-rate units in a mixture of studio, one- and two-bedroom units.

Greysteel, a national commercial real estate investment services firm, arranged the sale.

The unnamed buyer is an experienced affordable housing owner that will continue to operate the community as an affordable housing community, per the terms of the LIHTC LURA. The buyer will continue to operate the property as a rent-restricted community, providing critically needed affordable homes to an underserved population — senior citizens.

Nestled between Fort Worth and Dallas, Grand Prairie offers affordable, yet upscale apartments, condos and houses for rent, many of which have luxury amenities, according to Wright Senior Apartments’ listing on Apartments.com.

“As the