CBRE Sells a 160-Unit Multifamily Community in Irving-Las Colinas

Dallas-based CBRE has announced the sale of a 160-unit multifamily community in Irving, the company announced in a news release this week.

Zander Park was sold to Frisco-based Jordan Multifamily by BW Zander Park. The sale was operated by Rockwall-based Milkman Capital MGR for an undisclosed price.

“The buyer was drawn to the opportunity to finish out the improvements to the property, which currently has the second largest unit sizes in the submarket,” CBRE’s Chris Deuillet said in the release. “There is a tremendous growth potential as the property’s rent rates are below market average, and Irving has had a nearly 20% rental growth rate over the past year.”

According to the release, the property has undergone $2.2 million worth of interior and exterior improvements. Full interior renovations for 108 units have been made, with the buyer making plans to renovate the remaining 52 units.

Read the full story at Dallas Business Journal.