Sherman and his team of Curtis Palmer, Andy Sands and Herb Chase acted as the exclusive broker in the deal, which is one of the largest acquisitions to close in Texas to date. Sherman tells GlobeSt.com that CIM Group funded the acquisition in 100% cash through one of its funds.
Located in the Uptown area, the Dallas properties consist of: the 103-unit community located at 3636 McKinney Ave.; the 75-unit West Village community located at 3839 McKinney Ave.; and the 334-unit Knoxbridge community located at 4649 Cole Ave. All three Dallas properties were stabilized, Sherman says.
In contrast, the Houston property, the 308-unit Memorial Hills community located at 4200 Scotland St., is a brand new development adjacent to the city's major business districts and River Oaks, a prime residential neighborhood. Memorial Hills is currently in lease up. It, along with the other assets, will continue to be managed by Gables Residential.
"Despite the pipeline of product in Dallas, Austin and Houston, CIM likes the immigration and job growth potential in the Texas major metros," Sherman says.
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