264-Unit Partially Affordable Asset Sells in TX

Gresysteel arranged the transaction and also facilitated $14 million in acquisition financing. Pangea Properties originated the loan, which matures in October 2019.
Meadows at Ferguson
Meadows at Ferguson

Greysteel has facilitated the sale of the 264-unit Meadows at Ferguson, a partially affordable housing property in Dallas. The firm also arranged a $14 million acquisition financing originated by Pangea Properties, according to Yardi Matrix data. The loan matures at the end of October. The same data provider shows that the community was last owned and managed by Henley Properties. 

Located at 11760 Ferguson Road in the Dixon Branch submarket, the garden-style property is right off Interstate 635 and just steps away from Meadow Creek Village Shopping Center. Additionally, Meadows at Ferguson is only 20 minutes from downtown, with easy access to employers throughout the metro. Built 36 years ago, the 15-building asset consists of a mix of one- to three-bedroom units, averaging 723 square feet. Amenities include:

  • business center
  • clubhouse
  • laundry facilities
  • picnic area with grill
  • playground
  • two swimming pools
  • 588 parking spaces

Greysteel Senior Managing Director Doug Banerjee, Managing Director Boyan Radic, Directors Andrew Mueller and Daniel Hartnett, along with Senior Investment Associate Scott Simon represented the seller in the deal and arranged financing on behalf of the buyer. Last summer, Banerjee, Radic and Mueller also negotiated the sale of a 281-unit property in Grand Prairie, Texas.

Image courtesy of Yardi Matrix