Monday, February 22, 2016

CBRE Brokers Sale of 297-Unit Multifamily Community in Metro Dallas

Terraces on the Parkway is a 297-unit multifamily community in Grand Prairie.

GRAND PRAIRIE, TEXAS — CBRE Capital Markets has brokered the sale of Terraces on the Parkway, a 297-unit multifamily community in the Dallas suburb of Grand Prairie. EB Real Estate Group purchased the asset from Terraces on the Parkway LP for an undisclosed price.

Chris Deuillet and Nita Stewart of CBRE’s Dallas office represented the seller. The 263,555-square-foot asset, located at 1109 N. Carrier Parkway, was built in 1972. The complex includes 20 two-story residential buildings and offers efficiency, one-, two- and three-bedroom options.

The community was 97 percent occupied at closing. Tenants have access to two pools with outdoor kitchens, a fitness center, updated resident center, dog park and soccer field. Interiors include black-on-black appliances, faux-wood flooring, faux granite countertops, glass tile kitchen backsplashes and two-inch blinds. Monument Real Estate Services will manage the property.

By Texas Real Estate Business