DALLAS--CBRE Strategic Partners U.S. Value 7, a fund sponsored by CBRE Global Investors, has acquired BLVD, a class A, 417-unit, midrise apartment community in Dallas that is 88% occupied.

The five-story asset also includes approximately 9,000 square feet of fully leased ground-floor retail space.

“We are excited to start our capital improvement projects which will enhance the resident experience and re-establish BLVD's position as a premier community in the submarket,” Steve Gullo, managing director of the CBRE Global Investors Multi-Housing Group, told GlobeSt.com. “Our new onsite team has been well-received by the residents, and we are confident that our signature Inspired Lifestyle customer service program will be a great complement to the improvements we will make to the common areas and community amenities.

Built in 2012 and located at 5600 SMU Boulevard, BLVD benefits from an advantageous transit-oriented location near Southern Methodist University and the Greenville Avenue corridor featuring retail, dining and nightlife amenities.

BLVD features well-designed floor plans with high-end unit finishes, generous amenity space and two levels of parking.

The team plans to upgrade the management of the asset, enhance the residential experience through amenity and service upgrades and rebrand the community to establish a new identity as a preferred rental option for young professionals desiring an active, urban location. Upgrades will include reformatting the community amenity space as well as enhanced utilization of currently unused common area space.

“From an investment standpoint, Dallas remains a target market for us as we continue to search for high-quality investment opportunities in dynamic Dallas neighborhoods such as BLVD's and elsewhere throughout the Dallas metro area,” Gullo says.