Greysteel Named Exclusive Agent for Dallas Communities
Both multifamily communities have undergone extensive renovations recently.
by Csilla Borsos
Dallas—Vickery Development has selected Greysteel as exclusive advisor and agent for the sale of Live Oak and King Manor, two multifamily properties located in the Dallas area. Managing Director Boyan Radic, Senior Director Doug Banerjee, along with investment associates Andrew Mueller, Ryan Hill and Andrew Hanson from Greysteel’s Dallas and Fort Worth offices are marketing the assets.
Located at 900 S. Orient St. in Stamford, Live Oak consists of five two-story buildings totaling 40 units and 27,752 square feet of space. The asset offers one- and two-bedroom units at an average rent of $0.66 per square foot, according to Greysteel. The asset was constructed in 1986 and includes amenities such as laundry facilities, on-site management office and a playground.
King Manor, completed in 1975, is a 18,438-square-foot community situated at 107 Blundell St. in Ranger. The three-building, 30-unit asset features one- and two-bedroom apartments with an average rent of $0.72 per square foot.
Both properties have undergone major renovations, including interior and exterior upgrades. Select units now feature new wood-look flooring, refurbished cabinetry, white appliances and two-tone paint. Exterior remodeling consisted in new paint and stucco siding, wood trim, along with a new signage.
“These two assets are both in terrific condition, making the offering an ideal turn-key acquisition opportunity,” said Ryan Hill in prepared remarks. “Despite their location in smaller towns outside of the major Metroplex, these properties operate with solid positive cash flows and new ownership will be rewarded with significant cash-on-cash returns with minimal effort.”
Image courtesy of Greysteel