By Adelina Osan, Associate Editor
Dallas—CBRE Capital Markets’ Investment Properties recently announced the sale of a 161-unit multifamily community located in Farmers Branch, a Dallas suburb. Villa Creek Drive LLC acquired the property, Villa Creek, from Villa Creek Associates LLC. Chris Deuillet, vice president at CBRE’s Dallas office, represented the seller.
Located at 2835 Villa Creek Drive, the property offers one-, two- and three-bedroom floorplans. The 131,562-square-foot asset offers a range of amenities for residents such as a swimming pool, spa, laundry facilities and 230 parking space. Built in 1964, Villa Creek was 93.5 percent occupied at the time of the sale. The asset includes 15 two-story apartment buildings with sizes ranging between 608 and 1,287 square feet. According to Yardi Matrix, rents at Villa Creek are between $687 and $1,139.
“I have not seen a deal like this in years, where there is a true rehab opportunity on a property that is well located on a major highway that had just been widened. The City of Farmers Branch is focused on this intersection as a gateway to the city. New office and retail across the street will greatly enhance Villa Creek’s appeal,” said Deuillet in a prepared statement.
Image courtesy of Yardi Matrix