CBRE’s Global Investors Stroll on Dallas BLVD
- Aug 06, 2015
Spurred by Dallas’ exemplary post-recession performance, a fund sponsored by CBRE Global Investors has acquired a Class A apartment community in Dallas.
Known as BLVD, the 417-unit community is located at 5600 SMU Blvd., in close proximity to the Southern Methodist University, Highway 75 and the amenity-heavy Greenville Avenue corridor. CBRE plans upgrades in management, amenities and services, as well as the rebranding of the community toward young professionals in search of an active, urban location.
According to Yardi Matrix, the LEED Silver-certified community was owned by Prescott Realty Group, which secured a $33.4 million construction loan for the building in 2010. The loan is set to mature on Jan. 1, 2016.
“The Dallas-Fort Worth economy is a national leader in employment and job growth, and as such we expect it to continue as a top-performing market in terms of apartment demand,” Steve Gullo, managing director of CBRE Global Investors Multi-Housing Group, said in a prepared statement.
Image courtesy of Yardi Matrix