DALLAS – May 4, 2016 – CBRE Capital Markets’ Investment Properties announces the sale of Silverado, a 184-unit multifamily community in the Dallas suburb of Irving, Texas. Dallas-based Elmstone Group OP1, LLC purchased the asset from Miami, Florida-based Silverado Irving, LLC for an undisclosed price.
Chris Deuillet, with CBRE’s Dallas office, represented the seller. Carolyn Putney, with LS Realty Advisors Dallas office, represented the buyer.
One space will be converted into a small clubhouse on the ground floor, which can be rented out for parties, and an additional rentable unit on the second floor. Additionally, the office will be expanded.
“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,” said Mr. Deuillet.
The 145,548-square-foot asset is located at 1319 North Nursery Road in Irving. It was 97 percent occupied at closing. The asset includes 15, two-story apartment buildings with one-, two- and three-bedroom units. The complex was built in 1970.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
