Grapevine, Texas—Dallas-based CAF Capital Partners has purchased Cross Creek at Grapevine Ranch in the Fort Worth suburb of Grapevine for an undisclosed sum from Irvine, Calif.-based Granite Investment Group. The 392-unit property is 95 percent leased.
The property includes seven one- and two-bedroom floor plans, ranging in size from 750 square feet to 1,160 square feet. Common amenities include a private theater, fitness center with indoor basketball court, two-story parking garage with boat parking and a dog park.
Grapevine is a major suburb near Dallas-Fort Worth International Airport, with a population that’s increased from 45,700 in the early 2000s to a current figure of about 51,000. Cross Creek is adjacent to the 1.6-million-square-foot Grapevine Mills Mall, and not far from Grapevine Lake and the 27-hole Grapevine Golf Course.
As a whole, the DFW metroplex has experienced strong multifamily leasing, an upsurge in development, and higher rents since the end of the recession. Grapevine is one of the tighter markets: according to investment specialist Marcus & Millichap, the 3Q13 vacancy rate for the Grapevine apartment market is 3.7 percent, down from 3.9 percent a year ago. Rents are up 5.2 percent since the third quarter of 2012.
Dirk Goris and Ryan Reid, executive vice presidents with CBRE, and Jeremy Faltys with CBRE Dallas, represented the seller in the deal. Goris characterized the property as a “strong value-add opportunity in a high-barrier-to-entry submarket.”