MEAG and CBRE Investment Management Acquire Class A Residential Property in Dallas on behalf of Munich Re’s U.S. Residential Portfolio
May 15, 2023
MEAG, Munich Re’s asset manager, in cooperation with CBRE Investment Management, has acquired The Laurel Preston Hollow, a 159-unit residential property located at 8600 Preston Road in Dallas on behalf of Munich Re Group.
The Laurel Preston Hollow is a Class A, podium-style apartment property comprised of one-, two- and three-bedroom units that feature high-end finishes including granite countertops, stainless steel appliances, 10-foot ceilings, designer cabinets, under-cabinet lighting, wine refrigerators and washer/dryers in-unit. Residents also have access to various community amenities including a resort-style pool, a clubhouse, 24-hour fitness center, dog park, multiple courtyard spaces, a business center with conference room, EV charging stations and 268 reserved garage parking spaces.
“Acquiring this property fits within our strategy of investing in difficult-to-replicate residential assets located in growing infill markets with strong employment and demographic trends,” said Ben Green, Managing Director, Residential Transactions for CBRE Investment Management. “We believe that this asset’s high-end, unique finishes and location within one of the most sought-after areas in Dallas will provide long-term value for the residents and also our client.”
"Dallas is an exciting city and has established itself as one of the fastest-growing business centers in the U.S.," said Volker Zinkl, MEAG’s Head of International Asset Management. “We believe in the city’s long-term success story and are excited to complete a transaction in this unique neighborhood.”
The Laurel Preston Hollow is located within Preston Hollow, considered one of the most desirable neighborhoods in Dallas. The property is adjacent to The Plaza at Preston Center, a 3 million-square-foot mixed-use development featuring offices, high-end retail and restaurants. The property has easy access to the Dallas North Tollway and I-75, placing it within eight miles of the Dallas central business district.
About CBRE Investment Management
CBRE Investment Management is a leading global real assets investment management firm with $148.9 billion in assets under management* as of March 31, 2023, 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 2022 revenue). CBRE has approximately 115,000 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.
MEAG is the asset manager of Munich Re Group. With offices in Europe, Asia and North America, it also offers its extensive know-how to institutional investors and private clients from outside Munich Re Group. MEAG currently manages assets to the value of around € 307bn, € 55bn of which is for non-Group investors.