LOS ANGELES—CBRE Strategic Partners U.S. Value 6 has added two apartment communities to its portfolio. The fund sponsored by CBRE Global Investors has purchased Dunwoody Place in the Buckhead/Sandy Springs, Ga. and The Connection at Buffalo Pointe in Houston. The sales terms of the deals were not released.
The Connection at Buffalo Pointe is a 352-unit, class-a garden style apartment community located at 10201 Buffalo Speedway. Constructed in 2012, the seven-building property is 93 percent occupied.
“The Connection is the firstcomponent of a larger mixed-use development,” said Steve Gullo, managing director of CBRE Global Investors Multi-Housing Group, in a statement.“The neighborhood will benefit from infrastructure projects in the area, including the recently completed expansion of Buffalo Speedway and anticipated retail development due to growth of Medical Center employment outside the area known as The Loop.”
CBRE Global Investors will upgrade the base-level units. The renovations will include granite countertops, upgraded plumbing and new light fixtures.
“Strong employment growth in Houston and particularly the area surrounding this asset will create long-term demand for rental housing,” saidSteve Zaleski, managing director of CBRE Global Investors Multi-Housing Group. “Given its location within a major growth corridor, The Connection is a good fit with the fund’s strategy.”
CBRE Strategic Partners U.S. Value 6 also purchased the class-A, 396-unit Dunwoody Place. Located in an Atlanta submarket, the garden-style community is 95.7 percent leased.
“Dunwoody Place has been well-maintained and features many amenities that differentiate it from communities of similar vintages,” Gullo said. “Now under a new owner-operator with a dedicated asset management team, the installation of a best-in-class property management company, and implementation of our Inspired Lifestyle customer service program, we believe that significant operational upside exists.”
CBRE Global Investors will implement interior renovations, which include granite countertops and stainless steel appliances, new cabinet doors and hardware, light fixtures, and flooring. The common amenities, such as the clubhouse, business center, cyber cafe, fitness center equipment, and pool, will also be upgraded.