CBRE Brokers Sale of 160-Unit Multifamily Community in Irving, Texas

CBRE announced the sale of Zander Park, a 160-unit value-add multifamily community located at 700 S. Story Road in Irving. Jordan Multifamily, LLC purchased the asset from BW Zander Park, LLC, operated by Milkman Capital MGR, LLC, for an undisclosed price.

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

Originally built in 1971, the previous owners completed $2.2 million worth of interior and exterior capital improvements to the property, including full interior renovations for 108 units. The buyer has plans to finish renovating the remaining 52 units. The property is located within minutes from Las Colinas, which is home to 153,000 workers and has one of the highest concentrations of high wage employment in the region.

“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,” said Mr. Deuillet. “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.”

Zander Park was 96% occupied at the time of sale.