CBRE Brokers Sale of 202-Unit Multifamily Community in Richardson, Texas

CBRE announced the sale of Belle Grove at Custer, a 202-unit value-add multifamily community located at 800 Custer Road in Richardson. ClearWorth Capital purchased the asset from RealSource for an undisclosed price.

Chris Deuillet, William Hubbard and Jaxx Davis with CBRE Capital Markets’ Investment Properties in Dallas represented the seller. 

Belle Grove at Custer is located within minutes of Richardson’s Telecom Corridor, which consists of over 25 million square feet of office space and more than 130,000 jobs. Prior ownership had been in place since 2005 and implemented upgrades to approximately 127 units as well as the property’s two resort-style pools, two outdoor kitchens and workout facility. The new owners will continue to make renovations to all units, which already have features including in-unit laundry connections.

“Belle Grove at Custer checks all the boxes for a value-add seeking investor,” said William Hubbard, vice president with CBRE. “It has a premium location off Arapahoe Road and I-75 in Richardson, floorplans larger than the market average and has been well-managed with minimal deferred maintenance.” 

The transaction was completed in part to the buyer’s familiarity with the DFW multifamily market. “Having transacted with the buyer on numerous similar value-add projects in the past, ClearWorth was the best candidate for this acquisition, especially with the uncertainty that we are experiencing with the current lending environment,” said Chris Deuillet, senior vice president with CBRE.

The property was 94% occupied at the time of sale.