LOS ANGELES – July 30, 2015 – CBRE Strategic Partners U.S. Value 7, a fund sponsored by CBRE Global Investors, has acquired BLVD, a Class A, 417-unit, midrise apartment community in Dallas that is 88 percent occupied. The five-story asset also includes approximately 9,000 square feet of fully leased ground floor retail space, which provides a desirable amenity to the apartments above and the greater neighborhood.
Built in 2012 and located at 5600 SMU Boulevard, BLVD benefits from an advantageous transit-oriented location near Southern Methodist University and the highly popular Greenville Avenue corridor featuring retail, dining and nightlife amenities. In addition to numerous walkable amenities, BLVD’s proximity to Highway 75 provides residents convenient access to the Dallas CBD and key employment centers, and it is a five-minute walk to the Mockingbird DART train station which also provides convenient access to the Dallas CBD.
BLVD features well-designed floor plans with high-end unit finishes, generous amenity space and two levels of parking.
The team plans to upgrade the management of the asset, enhance the residential experience through amenity and service upgrades, and rebrand the community to establish a new identity as a preferred rental option for young professionals desiring an active, urban location. Upgrades will include reformatting the community amenity space as well as enhanced utilization of currently unused common area space.
“The Dallas-Fort Worth economy is a national leader in employment and job growth, and as such we expect it to continue as a top-performing market in terms of apartment demand,” said Steve Gullo, Managing Director, CBRE Global Investors Multi-Housing Group.
“BLVD has a desirable location with accessibility to retail amenities and major employment nodes as well as a high-end finish level,” said Ben Green, Director, CBRE Global Investors Multi-Housing Group. “With the addition of a best-in-class conventional management company, we believe it will be a premier housing community that will achieve significant gains in occupancy.”
About CBRE Global Investors
CBRE Global Investors is a global real estate investment management firm with $88.4 billion in assets under management* as of June 30, 2015. 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 firm for the benefit of its investors. CBRE Group, Inc. has more than 52,000 employees in more than 370 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com.
*Assets under management (AUM) refers to the 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 investments in real estate; equity in funds and joint ventures; securities portfolios; operating companies and real estate-related loans. 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.