The Multifamily Group (TMG), a Dallas-based commercial real estate brokerage firm, announced this week it had facilitated Grand Oaks’ sale in Shreveport. Managing Director Evan Burke represented the seller and procured the buyer.
“Northern Louisiana is an excellent market for buyers who still want to find quality assets with strong upside potential. The extreme rise in property values in primary markets in Texas has driven many investors to pursue opportunities in secondary and tertiary markets throughout Texas and surrounding states. Shreveport/Bossier City, being only minutes from the Texas border, as well as its strong, diverse economy, makes it a good fit for these investors.” Said Burke.
Grand Oaks resides on 25 acres with less than three units per acre. The average unit size for the property is 840 sq. ft. Grand Oaks is a 1988 build and is located off N Forty Loop next to N Market Street.
Inventory in the Caddo Parish Submarket has remained stable for the past five years, and new supply will remain minimal with no new projects underway. Rents have increased by 2.8 percent over the past year, which significantly exceeds the average growth for the area of 1.5 percent. (CoStar)
“The buyer, being from the west coast, has invested in multiple properties in secondary and tertiary markets in the area. Migrating capital from the coast will give more opportunities for creating yield. This is a model that has been proven many times over from coastal buyers.” Added Burke.
