Dallas – May 22, 2019 – CBRE announces the sale of Treymore Eastfield, a 196-unit multifamily community located at 2631 John West Road across from the Mesquite city limits. Peak Capital Partners, a Utah-based real estate company concentrating on affordable housing, purchased the asset from Dallas development company Carlton Laprada Ltd. for an undisclosed price.
Chris Deuillet and Chandler Sims with CBRE Capital Markets’ Investment Properties in Dallas and Jeff Kunitz and Alex Medeiros with CBRE Affordable Housing in Seattle represented the seller.
“Treymore Eastfield was an ideal ‘fixer upper’ for the buyer,” said Mr. Deuillet. “With the close location to Interstate 30 and the property in need of some work and updates, the buyer will be able to take advantage of this property’s opportunities and be able to benefit from rental increases in the immediate future.”
Utah-based Peak Capital owns another property in the Dallas-Fort Worth area and has recently become very active in acquiring CBRE tax credit properties in Texas. Treymore Eastfield is their fifth property purchased with CBRE in 2019.
“We have had a long-standing relationship with the buyer, working with them to purchase several properties throughout the United States and they have achieved well above expected returns for their efforts,” said Mr. Kunitz. “I fully expect for them to do the same with Treymore Eastfield.”
With a strong unemployment rate of 3.2% and more than 29,000 units to come online, Dallas-Fort Worth continues to see a positive absorption rate. These positive economic factors are steadily driving rental growth, making the area a favorable destination for multifamily investors.
Treymore Eastfield was 93% occupied at the time of sale.
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 approximately 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.
