Its prime location in an underserved multifamily submarket attracted national and international interest
DALLAS – October 12, 2016 – CBRE Capital Markets’ Investment Properties announces the sale of Creekside on the Green, a 296-unit multifamily community in Garland, Texas. Salt Lake City, Utah-based Realsource Properties, LLC purchased the asset from Rancho Santa Fe, California-based COTG Partners, LLC for an undisclosed price.
Chris Deuillet, with CBRE’s Dallas office, represented the seller.
The 239,440-square-foot asset is located at 1702 North Jupiter Road in Garland, Texas. Since 2012, it has received a number of upgrades in the fitness center, business center, leasing office and dog park, as well as renovated pools with outdoor kitchens, LED exterior lighting, a new commercial grade playground area, new roofing and updated unit interiors. It was 95 percent occupied at closing.
“A scarcity of multifamily assets for sale in the Garland/Richardson submarket combined with Creekside on the Green’s location in an area with limited multifamily competition attracted significant interest from both national and international investors,” said Mr. Deuillet. “DFW population and job growth are very compelling for multifamily investors and certain submarkets are getting massive attention because of the rapid rental growth.”
Creekside on the Green offered Realsource Properties an opportunity to add a stable property to its existing portfolio in the area.
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 investors and occupiers through more than 400 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.
