DENVER, CO - Continental Realty Advisors (CRA), a Denver-based owner of multifamily communities nationwide, announced the sale of the 334-unit Riverhill Apartments located in Grand Prairie, Texas. CRA improved the property with practical upgrades to common areas and amenities, as well as a light renovation to most of the units.
“Over the past five years of owning this well-positioned property in a very competitive submarket in the Dallas-Fort Worth area, we have focused on providing quality improvements to this Class A property for our residents while enhancing asset value for our investors,” said David Snyder, chairman of CRA. “The successful disposition of Riverhill Apartments is a reflection of years of experience in the Dallas market, advanced market research and a solid business plan by our asset-management team.”
The property is located about three miles south of the Dallas Cowboys’ AT&T Stadium. The sale of Riverhill was brokered by Greg Toro of HFF in Dallas.
“CRA remains an active investor in multifamily properties nationwide, and we continue to look for opportunities to acquire additional assets within the Dallas-Fort Worth MSA.” said Robert Ireland, director of acquisitions for CRA.
Since December 2018, CRA has sold four multifamily properties totaling in excess of 1,400 units located within four markets across the country. The total sale price of these four assets was in excess of $200 Million, which represents a substantial gain to CRA investors over the average hold period of three-and-a-half years.