CBRE Sale Signals Multifamily Strength Around DFW
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EB Real Estate Group purchased Courtyards on Glenview, a 241-unit multifamily community in North Richland Hills that’s 93% occupied. It’s a sign of DFW’s hot multifamily market, CBRE’s Chris Deuillet tells us. (He repped the seller with colleague Nita Stewart.) There’s a lot more international investor interest in Dallas apartments and more 1031 exchanges, he says, probably because the area is getting such aggressive rental increases. Courtyards on Glenview in particular has seen significant rent growth because of its location near a destination mall (it’s rare to find older multifamily assets near new retail), and Chris says it still hasn’t reached its full pricing potential. Dallas rents should continue to increase in 2016, although more slowly than last year.