Dallas Metroplex Experiences ‘Escrow Growth’

Multifamily communities across the Dallas Metroplex seem to be flying off the shelves, according to an announcement made by CBRE Investment Properties.
Casa del Sol

Casa del Sol

Multifamily communities across the Dallas Metroplex seem to be flying off the shelves, and for not small price. That’s the observation of a broker from CBRE Investment Properties, who recently helped sell a fully leased, 104-unit community in Irving, Texas. The asset garnered the interest of more than a fair share of investors.

“With more than a dozen offers to consider and strong in-place financials, the property sold at a premium. At the time of the closing, the property’s financial performance had already exceeded the buyer’s expectations,” Chris Deuillet, first vice president with CBRE in Dallas, said in a prepared statement. “We call this ‘escrow growth,’ which we are witnessing in all submarkets of the Dallas Metroplex.”

Ken Durham was the one who managed to close on the property dubbed Casa del Sol. Deuillet represented the seller, Elmstone Group CDS LLC. The community, which is located at 730 N. Nursery Road, had been under Elmstone’s ownership since 2011, when it was acquired for almost $2.4 million.

Image courtesy of CBRE