Churchill Forge Buys West Texas Asset
CBRE originated a Fannie Mae acquisition loan.
Common-area amenities at The Clusters include two swimming pools. Image courtesy of IPA
Churchill Forge has purchased The Clusters, a 352-unit community in Midland, Texas, from CAF Capital Partners, Yardi Matrix data shows. CBRE originated a $21.2 million Fannie Mae acquisition loan, according to public records. An IPA and Marcus & Millichap team represented the seller and procured the buyer.
Dating back to 1982, the community encompasses 28 two-story buildings spread across 13.7 acres. The unit mix includes one- and two-bedroom floorplans ranging between 598 and 1,010 square feet. Common-area amenities feature a fitness center, community room and basketball court, together with two swimming pools and more than 390 parking spaces.
Located at 4415 Northcrest Drive, the Class B property is close to a host of dining and retail options, including a Walmart Supercenter and Cornerstone Shopping Center. Midland College is 2.3 miles away, while Midland International Air & Space Port is some 10 miles southwest.
The team which arranged the transaction included IPA Senior Vice President Drew Garza and Executive Director Will Balthrope, along with Marcus & Millichap First Vice President Tommy Lovell III and Senior Associate Richard Robson. Earlier this year, Balthrope teamed up with other brokers in facilitating the sale of a 444-unit community in Farmers Branch, Texas.
