The 92%-leased complex at 1001 fuller Wiser Rd. in the Bear Creek section of Euless was on the market two months. Dirk Goris of CB Richard Ellis Inc.'s Dallas office and Sean Cunningham, Tyler Anderson and Jack Hannum, all with CBRE in Phoenix, represented CNC and the seller, Apartment Investment and Management Co. (Aimco) of Denver, in the deal.
"Aimco sells some of their assets each year. That one was on the list," Goris tells GlobeSt.com. "It was performing and was well located." New financing was arranged as part of the deal although he says he isn't aware of the loan details.
Built in 1983, the Hunt Club consists of 64 one-bedroom units, 132 two-bedroom apartments and eight three-bedroom designs. Average rent hovers at $674 a month or 78 cents per sf. Units average 864 sf.
Located just southwest of the Dallas/Fort Worth International Airport, Euless is home to a mix of class A and B multifamily properties as well as solid mid-range single-family homes, Goris says. CNC has no immediate rehabilitation plans for its new asset, nor will the property name change, he adds. "It's just a classic, well-located B asset," he says.
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