Greysteel has arranged the sale of Gateway Apartments, a 76-unit, 100 percent leased multifamily community in North Dallas. 4L Enterprises acquired the asset, which attracted multiple offers, from a private owner. According to Yardi Matrix data, the sale was subject to a $7 million loan held by Freddie Mac.
Located at 13455 Kit Lane, Gateway Apartments is within a 30-minute drive of downtown. The 1970-built property is in near proximity to two major thoroughfares, Highway 75 and Interstate 635. The 16 one-, 36 two- and 24 three-bedroom units range from 721 to 1,107 square feet and are spread across 10 buildings. Common-area amenities include laundry facilities and 162 parking spaces.
Greysteel Managing Directors Doug Banerjee and Boyan Radic, Senior Investment Associates Andrew Mueller and Andrew Hanson, and Investment Associate Jack Stone negotiated the deal on behalf of the seller. The brokerage team has recently facilitated the sale of Landings at Carrier Parkway in Grand Prairie, Texas.
Image courtesy of Greysteel