DALLAS – March 30, 2016 – CBRE Capital Markets’ Investment Properties announces the sale of Villa Creek, a 161-unit multifamily community in the Dallas suburb of Farmers Branch, Texas. Villa Creek Drive, LLC purchased the asset from Villa Creek Associates, LLC for an undisclosed price.
Chris Deuillet, with CBRE’s Dallas office, represented the seller.
The 131,562-square-foot asset is located at 2835 Villa Creek Drive in Farmers Branch. It was 93.5 percent occupied at closing. The asset includes 15, two-story apartment buildings with one-, two- and three-bedroom units. The complex was built in 1964 and sits on approximately 7.5 acres with significant green space to add community amenities.
“I have not seen a deal like this in years, where there is a true rehab opportunity on a property that is well located on a major highway that had just been widened. The City of Farmers Branch is focused on this intersection as a gateway to the city. New office and retail across the street will greatly enhance Villa Creek’s appeal,” said Mr. Deuillet.
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 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
