CBRE Closes Sale of 184-Unit Texas Community
- May 06, 2016
Dallas—CBRE Capital Markets’ Investment Properties recently announced the sale of a 184-unit multifamily property located in the Dallas suburb of Irving, Texas. Elmstone Group OP1 LLC acquired the Silverado asset from Miami-based Silverado Irving LLC.
Located at 1319 North Nursery Road, Silverado features one-, two- and three-bedroom floorplans with unit sizes ranging between 664 and 1,120 square feet. The 145,548-square-foot property was 97 percent occupied at the time of the sale. According to Yardi Matrix data, community amenities include a clubhouse, two swimming pools, three laundry facilities and 350 parking spaces.
“The traditional value-add property is very hard to find in the DFW Metroplex now; most properties have received some sort of capital improvements in recent years and many properties have traded. The Silverado offered the buyer unique strategies that will help push collections and we received a significant amount of offers. We selected a buyer that performed very well and closed two weeks ahead of schedule,” Deuillet said in a prepared statement.
Chris Deuillet, vice president with CBRE’s Dallas office, represented the seller. Carolyn Putney, commercial real estate broker with LS Realty Advisors’ Dallas office, represented the buyer.
Image courtesy of Yardi Matrix