DALLAS – February 17, 2016 – CBRE Capital Markets’ Investment
Properties announces the sale of Terraces on the Parkway, a 297-unit multifamily
community in the Dallas suburb of Grand Prairie, Texas. EB Real Estate Group,
LLC purchased the asset from Terraces on the Parkway, L.P. for an undisclosed
The 263,555-square-foot asset, located at 1109
North Carrier Parkway in Grand Prairie, was built in 1972. The complex is
comprised of 20, two-story residential buildings and offers efficiency, one-,
two- and three-bedroom options. It was 97 percent occupied at closing.
Since 2013, the seller has invested in a multitude
of capital improvements, including interior and exterior updates, energy-saving
measures and new amenities. Tenants now have access to two, resort-style
swimming pools with custom outdoor kitchens, a new fitness center, an updated
resident center, an oversized dog park and a soccer field, among others.
Interior unit upgrades
include black-on-black appliances, faux-wood flooring, faux granite
countertops, glass tile kitchen backsplashes and two-inch blinds. The forward-thinking
ownership also installed a variety of energy efficiency measures, including
solar PV energy systems, two water wells used for irrigation, and hot
water-saving devices in every unit.
“We aggressively marketed
this property and received multiple offers. Although the property recently
underwent a significant rehabilitation, a utility bill-back program for tenants
has not been fully implemented, giving the buyer more upside,” said Mr. Deuillet.
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.