Monday, August 24, 2015
CBRE Global fund buys luxe apartments, retail near SMU's campus
A fund sponsored by CBRE Global Investors — CBRE Strategic Partners U.S. Value 7 — has acquired BLVD, a five-story, 417-unit apartment meeting with fully leaded ground floor retail space, which includes Torchy's Tacos and the Nodding Donkey.
The three-year-old property at 5600 SMU Boulevard is 88 percent occupied with residents, many of which are students who attend nearby Southern Methodist University.
BLVD also has about 9,000 square feet of retail space on the ground floor of the building, which is 100 percent leased. The building's proximity to the popular Greenville Avenue entertainment district and to employers in Dallas' urban core was attractive to the investment fund.
"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 of CBRE Global Investors' multi-housing group.
He added the investment group plans to further lease up the property. Dallas-Fort Worth's average occupancy rate hit a 14-year high at nearly 95 percent, with an average monthly rent of $927.
The CBRE team plans to capitalize on the region's employment and job growth, which has continued to skyrocket.
The new ownership plans to upgrade the building and re-brand the community to appeal to young professional renters with new amenity spaces. And CBRE isn't the only investors in re-branding mode in Dallas.
Candace Carlisle/Dallas Business Journal