CBRE Arranges Sale of Affordable Property in Dallas
- Jan 18, 2018
CBRE has facilitated the sale of Rosemont at Timber Creek, a 100-unit affordable community in Dallas. Cascade Affordable Housing sold the 17-building asset to Dominium Development and Acquisition. Jeff Kunitz and Alex Medeiros of CBRE Affordable Housing and Chris Deuillet and Chandler Sims of CBRE’s Dallas office represented the seller in this deal.
Located at 801 Beckleymeade Ave., the property provides easy access to the junction between interstates 20 and 35E. Built in 2003, Rosemont at Timber Creek features 60 two- and 40 three-bedroom townhouse-style units. According to Yardi Matrix data, community amenities include:
- swimming pool
- club house
- fitness center
- business center
- 100 parking spaces
At the time of the deal, the property was 99 percent occupied. The community will continue to operate under the Low-Income Housing Tax Credit program, with 60 percent of the units restricted to residents who earn 60 percent of the area median income or less.
“As new distribution centers in South Dallas are creating more jobs, multifamily occupancy has remained steady and the submarket has seen a resurgence in interest from investors. Rosemont at Timber Creek offers a newly built property with large units that cater to families, which is in line with the jobs in the area,” said Deuillet, senior vice president at CBRE, in prepared remarks.
Image courtesy of Yardi Matrix
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