LOS ANGELES – December 18, 2014 – A fund sponsored by CBRE Global Investors has acquired Gramercy on the Park, a Class A, 535-unit midrise apartment community in Dallas. The property, which is 94 percent occupied, was sold by Billingsley Company.
Located at 4755 Gramercy Oaks Drive, Gramercy on the Park benefits from its location at the intersection of the George Bush Turnpike and Dallas North Tollway, providing it with high visibility and great accessibility to the MSA’s main employment centers. The property also benefits from its well-designed floor plans; extensive common-area amenity package; attractive, contemporary four-story design with elevators; and three structured parking garages. These features make it an ideal candidate for a cost-effective interior value-add program.
The team plans to implement a minor interior renovation program that includes installation of granite countertops and tile backsplashes in kitchens, updated light and plumbing fixtures, new two-inch blinds and faux wood flooring in wet areas. They also plan to initiate a comprehensive marketing and residential service upgrade that will improve leasing and resident retention.
“Dedicated supervision and the implementation of our ‘Inspired Lifestyle’ customer service program will assist with the repositioning strategy and differentiating it from the competition,” said Ben Green, Director, CBRE Global Investors Multi-Housing Group.
The Dallas-Fort Worth economy is leading the nation in growth, having added 74,000 jobs through July 2014.
“North Dallas, which is experiencing numerous corporate relocations, is forecasted to be one of the top-performing markets in terms of apartment demand over the forecast period and is a target market for us,” said Steve Gullo, Managing Director, CBRE Global Investors Multi-Housing Group.
“The strong investor demand for apartments prompted us to offer the property for sale,” said Kimberly Meyer, Billingsley Company CFO. “The current multifamily market is a great one to sell into right now.”
About CBRE Global Investors
CBRE Global Investors is a global real estate investment management firm with $88.6 billion in assets under management* as of September 30, 2014. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBG). It harnesses the research, investment sourcing and other resources of the world’s premier, full-service commercial real estate services and investment company for the benefit of its investors. CBRE Group, Inc. has approximately 44,000 employees in approximately 350 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com.
*Assets under management (AUM) refers to fair market value of real estate-related assets with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice, and which generally consist of properties and real estate-related loans; securities portfolios; and investments in operating companies, joint ventures and in private real estate funds under its fund of funds program. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real estate market, and its calculation of AUM may differ from the calculations of other asset managers.