CBRE Brokers Sale & Financing for 128-Unit Multifamily Community in Denton, Texas

CBRE announced the sale of Coronado Villas, a 128-unit value-add multifamily community located at 1300 Coronado Drive in Denton, Texas. Jordan Multifamily, LLC purchased the asset from N.O.I.S.E. Ventures, LLC for an undisclosed price.

Chris Deuillet, William Hubbard, Jaxx Davies and Matthew Pastrano with CBRE Capital Markets’ Investment Properties in Dallas represented the seller. Josh Berde, Andrew Woertendyke and Peyton Chur with CBRE Debt & Structured Finance arranged the loan on behalf of the buyer.

Originally built in 1974, the property has seen a strong trajectory of rent income due to the implementation of new income streams, including reserved and covered parking, washer/dryer rentals and a Spectrum cable contract, in addition to $1.8 million in unit upgrades that were completed in 2022. The property was also sold with 0.57 acres of land on the west side of the property that new ownership can develop.

“It is exciting to see one of our clients go full-cycle and capitalize on an asset, especially with the current volatility in the debt environment and uncertainty in the market conditions,” said Mr. Deuillet, senior vice president with CBRE. “It was a pleasure having the opportunity to complete another transaction with both parties and we look forward to seeing the success that the buyer will have with Coronado Villas.”

Coronado Villas was 99% leased at the time of sale.