GVA Real Estate Acquires East Dallas Community
The company received a $16.7 million Freddie Mac loan for the purchase of the 272-unit property.
GVA Real Estate Group has finalized the acquisition of Bella Vista Creek, a 272-unit Class B community in Dallas. CBRE Capital Markets originated a 10-year, $16.7 million Freddie Mac loan for the purchase, according to Dallas County records. At the time of closing, the asset was 93 percent occupied.
A joint venture between AmeriCan Multifamily Alliance Group and Rialto Capital Advisors sold the property, according to Yardi Matrix data. The partnership acquired the asset in 2012 from Alpha Barnes Real Estate Services.
Located on 8 acres at 3402 S. Buckner Blvd., the nine-building community was completed between 1985 and 1987. The unit mix has one- and two-bedroom apartments ranging between 446 and 891 square feet. Amenities include a pool, three laundry facilities, a playground and a business center. The property is 8 miles east of downtown Dallas.
The community is under an LIHTC Land Use Restrictive Agreement set to expire in 2021. The new owner will invest in significant improvements to capitalize on the value-add opportunity.
The CBRE team which assisted the seller included Senior Vice President Chris Deuillet and Associate William Hubbard, along with CBRE Affordable Housing’s Executive Vice President Jeff Kunitz and Senior Associate Mike Canori.
In August, GVA Real Estate Group received a $10.5 million loan for 18Thirty, an 88-unit affordable community in Nashville, Tenn. CBRE Capital Markets originated the 10-year Freddie Mac note.