CBRE announced the sale of Monterey Apartments, a 160-unit multifamily community located at 700 S. Story Road in Irving, Texas. Plano-based Elmstone Group purchased the property in 2016 and sold the asset to Texas-based Beazworkz Investing for an undisclosed sum.
Built in 1971, Monterey Apartments was 73 percent occupied at the time of sale with most units in classic condition. This provided a rare opportunity for investors to purchase an underperforming property in occupancy and collections, giving them the ability to make significant upgrades to increase their rental income.
“We were able to conduct a very quick, precise marketing process that was able to attract immediate interest with strong offers,” said Chris Deuillet, senior vice president with CBRE. “We are thrilled we were able to leverage our network to make this another successful sale for the owners, who we have worked with before on numerous occasions.”
Deuillet and William Hubbard with CBRE capital markets’ investment properties in Dallas represented the seller.
“As on previous occasions, Chris Deuillet and the CBRE team helped make this sale progress very smoothly,” said Steven R. Gould with Elmstone Group. “We were able to lean on their knowledge of the market and the key players in it, helping us get us the best price for this asset.”