CBRE Brokers Sale of 176 Unit Multifamily Community in Irving
CBRE Brokers Sale of 176-Unit Multifamily Community in Irving
| June 12, 2019
Dallas – June 12, 2019 – CBRE announces the sale of Hidden Village, a 176-unit multifamily community located at 1901 W. 5th Street in Irving, just south of Irving Blvd and one-half mile from historic downtown Irving. EBEX Irving Apartments, LLC purchased the asset for an undisclosed price.
EBEX purchased the property from the long-time owners because of the location within the Irving submarket, which has historically had high apartment occupancy. With many multifamily properties in the Dallas-Fort Worth metroplex being purchased by larger operators, properties that have not implemented a systemic improvement program are rare.
“There aren’t many properties around where an individual has owned the property a long time where his basis is so low that he has not needed to maximize rents,” said Mr. Deuillet. “The purchaser is planning a programmed upgrade process in every unit.”
Hidden Village was 96% occupied at the time of sale.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.