CBRE Investment Management Fund Closes $47.9 Million Loan for Luxury Multifamily Community in Dallas
November 10, 2021
A fund sponsored by CBRE Investment Management, formerly known as CBRE Global Investors, has closed on a $47.9 million mortgage loan to facilitate Madera Residential’s acquisition of Armstrong at Knox, a luxury multifamily community in Dallas. The floating rate loan has an initial term of four years, which can extend up to one additional year, and features future funding to finance Madera’s business plan.
Located at 4525 Cole Avenue in the popular Knox Street neighborhood of Dallas, the Class A 165-unit community offers a mix of one- and two-bedroom apartments. Units feature 10-foot ceiling heights, stainless-steel appliances, quartz countertops, walk-in closets, and in-unit washers and dryers. Community amenities include a 24/7 fitness center, a business center, a resort-style pool, an outdoor lounge, and a parking garage with controlled access. Residents also have direct access to convenient ground-floor retail, including a Trader Joe’s grocery store.
"Armstrong at Knox is a high-quality, luxury residential community in a prime location, which we believe will continue to generate strong renter demand due to its differentiated tenant amenities, strong local demographics, and nearby redevelopment projects,” said Charles Kim, Managing Director for CBRE Investment Management. “This investment was an attractive opportunity to lend on a high-quality asset for an established operator and a repeat borrower in Madera Residential. We look forward to growing our relationship with both Madera and CBRE’s Debt and Structured Finance team in Dallas.”
Jon Wooton, Mike Bryant and Victoria Langston of CBRE’s Debt and Structured Finance Group arranged the loan on behalf of Madera.
Armstrong at Knox is situated close to Highway 75, which provides convenient access to Dallas’ major employment centers, including Uptown, the Dallas CBD and the Telecom Corridor. The property is walkable to many dining and retail options and is immediately adjacent to Weir’s Plaza, a mixed-use redevelopment project that is nearing completion.
CBRE Investment Management is a leading global real assets investment management firm with $146.9 billion in assets under management* as of June 30, 2022, operating in more than 30 offices and 20 countries around the world. Through its investor-operator culture, the firm seeks to deliver sustainable investment solutions across real assets categories, geographies, risk profiles and execution formats so that its clients, people and communities thrive.
CBRE Investment Management is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE), the world’s largest commercial real estate services and investment firm (based on 2021 revenue). CBRE has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE Investment Management harnesses CBRE’s data and market insights, investment sourcing and other resources for the benefit of its clients. For more information, please visit www.cbreim.com.
*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Investment Management provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Investment Management’s presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers and from its calculation of regulatory assets under management for purposes of certain regulatory filings.