CBRE announces the sale of Park NinetySix 90, a 506-unit, Class B, value-add multifamily community located in the heart of Northeast Dallas. Beverly Hills-based Concord Capital Partners purchased the asset from Salt Lake City, Utah-based RS Jackson Branch for an undisclosed price.
Chris Deuillet, Danny Baker, and Chandler Sims, with CBRE Capital Markets’ Investment Properties in Dallas represented the seller.
The 411,751-square-foot community is located at 9690 Forest Lane, within a half mile of Forest Lane and I-635. The complex was built in 1971 and features amenities such as spacious units, a resort-style swimming pool, two pet parks, a fitness center, a clubhouse with resident lounge and covered parking.
“There was a significant amount of offers on the property from a wide array of buyer types, both nationally and internationally. Not many properties in the area offered such an upside in occupancy, with additional units that still needed to be upgraded,” said Mr. Deuillet. “This will double the number of units that the buyer owns in the Dallas area, and they are excited to begin their improvement plan on the property.”
With this acquisition, Concord now owns more than 2,000 units in the Dallas metroplex. The company employs over 70 people, with a vertically-integrated platform that strategically invests in value-add and development opportunities across all asset classes throughout the United States. Concord’s current portfolio is valued in excess of $1 billion.
Park NinetySix 90 was 87 percent 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 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 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.
