CBRE Capital Markets Arranges Sale of Age-Restricted Apartment Community in Dallas Suburbs
10 1 2018
CBRE Capital Markets’ Investment Properties announces the sale of Primrose of Cedar Hill, a 132-unit senior housing community in the Dallas suburb of Cedar Hill, Texas. Kaufman Investments purchased the asset from Cedar Hills Senior Housing, LP for an undisclosed price.
Primrose of Cedar Hill, at 1204 East Belt Line Road, was built in 2003 and comprises 115,800 square feet. It was 98 percent occupied at closing and has maintained a historically high occupancy with a waiting list. It will continue to operate under the Low Income Housing Tax Credit (LIHTC) program with associated affordability restrictions.
“There was a high level of interest in this property because of its low-density layout and stable cash flow. Newer, smaller communities like this in the Dallas area are difficult to uncover at this point in the cycle,” said Mr. Deuillet, senior vice president, CBRE. “This experienced tax credit buyer saw an opportunity to continue the very stable operations for this 55 and older community.”
A growing number of new retail and entertainment options are within two miles of the asset. Community amenities include a swimming pool, business center, clubhouse, fitness center and on-site laundry facility.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.