ARLINGTON, TX--CBRE Capital Markets' Investment Properties has brokered the sale of Serena Vista Apartments, a 120-unit, value-add multifamily community in Arlington. Des Moines, IA-based BHE Acquisitions purchased the asset from Cascades 120 LLC for an undisclosed price.
Dirk Goris and Chris Deuillet with CBRE's Dallas office represented the seller.
"CBRE brokered four properties in the second half of 2015 that resulted in a 'domino' sales process with multiple tax-deferred exchanges," Deuillet told GlobeSt.com. "We sold the Runningbrook Apartments in Arlington in August, which placed the private seller in a tax-deferred exchange; he purchased a property in Grand Prairie in November, which also placed the seller in a tax-deferred exchange. That seller purchased Serena Vista in a reverse tax-deferred exchange after purchasing a nearby property through CBRE earlier in the year."
The 105,636-square-foot asset, located at 1519 San Francisco Court in Arlington, was built in 1980. The complex is comprised of 15 different floor plans and offers efficiency, loft, one-, two- and three-bedroom options. It was 97 percent occupied at closing.
Most of the units have received flooring and/or countertop and cabinet upgrades. Five units were recently completely updated with stainless steel appliances, kitchen backsplashes, fans and more. The upgrades have demonstrated a significant rental upside that can be achieved on the remainder of the units, which was a strong selling point for the buyer.
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