CBRE announces the sale of Vistana Apartments, an 82-unit multifamily community in Fort Worth. Dallas and Sherman Oaks, California-based Gomel Vistana, LLC purchased the asset from Arcadia, California-based Josmatava, LLC for an undisclosed price.
Chris Deuillet and Chandler Sims with CBRE Capital Markets’ Investment Properties in Dallas represented the seller.
The asset was built in 1972 and is located just south of I-30 and west of I-820 at 1404 Weiler Road in Fort Worth. The complex was 96 percent occupied at the time of close and features spacious units with amenities such as on-site maintenance, a pool, and a laundry facility.
“Vistana was a unique opportunity for the buyer as the interiors need to be updated, allowing the rents to increase. There was very favorable financing for the property, and the buyer has extensive experience with maximizing the return on the work they put into a property,” said Mr. Deuillet. “We are confident that the buyer will be able implement their strategy which they have executed on numerous opportunities throughout the DFW area.”
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 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 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.
