CBRE announced the sale of Bella Vista Creek, a 272-unit, Class B multifamily community located at 3402 S. Buckner Boulevard in Dallas. Austin-based GVA Management purchased the property from Canada-based AmeriCan Multifamily Alliance Group led by Patrick and Madeleine Gergen.
Chris Deuillet and William Hubbard with CBRE Capital Markets’ Investment Properties in Dallas and Jeff Kunitz and Mike Canori with CBRE Affordable Housing in Seattle represented the seller. Terms of the transaction were not disclosed.
Before purchasing the property, GVA Management already had a significant presence in the Dallas-Fort Worth market as they currently own and manage over 1,200 units in multiple complexes in the area. They made the decision to purchase the property as they look to expand in the metroplex.
Constructed in 1985 and 1987, Bella Vista Creek features a mix of one- and two-bedroom units and community amenities including a business center, club house, swimming pool and gated access. The buyer has plans for an extensive rehab project, giving them an opportunity for additional rent income after the LIHTC LURA expires in 2021.
“Having sold the property to the current owners, I was able to see the full evolution of the property with the sellers,” said Deuillet. “We’re seeing the level of interest in larger sized multifamily properties exceed pre-COVID levels as investors can take advantage of spending the money now to see an exponential amount of reward in the future.”
“Our investors were very pleased with the profits received as a result of this sale,” said Patrick Gergen, CEO of AmeriCan Multifamily Alliance Group.
The property was 93 percent occupied at the time of sale.