Boston Capital Buys Dallas Community
Institutional Property Advisors brokered the deal.
Boston Capital Real Estate Partners has acquired Camden Cimarron, a 286-unit multifamily property in Irving, Texas, on behalf of its value-add vehicle dubbed BCRE Fund II. Institutional Property Advisors represented the seller and procured the buyer.
Camden Property Trust previously owned the asset, according to Yardi Matrix. The garden-style property has been 96 percent occupied during the past year, IPA Senior Managing Director Joey Tumminello said in prepared remarks.
Completed in 1992, the community is at 101 Cimarron Trail within the Valley Ranch master-planned community, some 9 miles from the DFW International Airport. Downtown Dallas is 18 miles away.
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Camden Cimarron encompasses 23 two- and three-story buildings spread across almost 12 acres. The unit mix features one- and two-bedroom floorplans ranging from 623 to 1,025 square feet, with about 15 percent of the apartments being upgraded. Units also include private balconies or patios.
Common-area amenities comprise a fitness center, clubhouse, business center, playground and swimming pool, as well as a spa and sundeck. The property also has about 650 parking spaces.
Tumminello worked together with IPA Senior Managing Directors Taylor Hill and Michael Ware, Executive Managing Director Drew Kile and Associate Shelby Clark in brokering the deal.
DFW sales increase year-over-year
Dallas-Fort Worth’s multifamily sales year-to-date as of June encompassed 105 properties totaling more than 27,000 units, Yardi Matrix data shows. These figures are considerably higher than the ones recorded in the same interval of 2024, when only 74 assets—about 15,300 apartments—traded.
In one of this year’s larger deals, AvalonBay acquired a six-property portfolio in the Metroplex, totaling 1,844 units. The assets changed hands for $431.5 million.
