Greystar Sells 372-Unit Dallas Luxury Asset

The property represents the first disposition made by Greystar Equity Partners VIII. Avana West Lemmon is situated in Uptown Dallas, near multiple shops and restaurants.

By Tudor Scolca

Avana West Lemmon, at 3600 Wheeler St.

Avana West Lemmon

The Connor Group acquired Avana West Lemmon, a 372-unit luxury apartment community in Dallas. The transaction marks the first disposition for Greystar Equity Partners VIII. Along with eight other assets, the property served as seed capital for GEP VIII in 2013.

The property comprises 251 one-bedroom, 94 two-bedroom, 11 three-bedroom and 16 studio units. Apartment sizes range from 546 to 1,749 square feet. Common amenities include two swimming pools, clubhouse, fitness center, a business center and laundry facilities. The property also features 18,000 square feet of ground-floor retail space. According to Yardi Matrix, 90 percent of the property is currently occupied, with an average monthly rent of $1,320.

Value-add disposition

Avana West Lemmon is situated at 3600 Wheeler St. in Uptown Dallas. Nearby Lemmon Avenue offers multiple shopping and dining options for residents, including a Whole Foods Market. William P. Clements Jr. University Hospital, University of Texas Southwestern Medical Center and other medical centers are about ten minutes away. Downtown Dallas can be reached in 15 minutes by car.

The sale of Avana West Lemmon marks the first disposition for Greystar Equity Partners VIII. We are pleased with the outcome of the transaction and believe the attractive price we were able to command demonstrates the effectiveness of our value-add strategy. We will continue to identify and invest in undercapitalized apartment communities where we can leverage our institutional knowledge and vertically-integrated platform to drive meaningful value enhancement,” said Kevin Kaberna, executive director & leader of Greystar’s U.S. investment platform, in a prepared statement.

Image courtesy of Yardi Matrix

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