CBRE announced the sale of Bella Vista Park, a 158-unit multifamily community located at 2700 N. Buckner Boulevard in Dallas. Justin Li purchased the property from Dallas-based AmeriCan Multifamily Alliance Group.
Chris Deuillet and William Hubbard with CBRE Capital Markets’ Investment Properties represented the seller. The new owner has plans for extensive interior and exterior upgrades to the facility, providing them with opportunities for rent growth as the east Dallas area continues to grow.
Located at the southeast corner of Ferguson and Buckner in east Dallas, Bella Vista Park has 139,355 square feet net rentable area. The property was 94 percent occupied at the time of sale. The area has seen a resurgence in both rent increases and pride of ownership as investors have put large amounts of capital into the neighborhood’s retail and multifamily developments.
“Even during the pandemic, Dallas-Fort Worth and Texas as a whole have seen massive amounts of investment money coming here due to its positive job growth and ease of doing business,” said Deuillet. “Through CBRE’s international network, we were able to help a first-time buyer in Texas with their 1031 exchange, moving his funds from California to the Lone Star State.”