Dallas Community Hits the Market
- Apr 21, 2017
Greysteel has been named exclusive advisor and agent for the sale of French Colony, a 94-unit multifamily property in Dallas. Managing Directors Boyan Radic and Doug Banerjee, both based in Greysteel’s Dallas and Fort Worth offices, are spearheading marketing.
French Colony is located at 1235 Hartsdale Drive, 5 miles from Downtown Dallas. The two-building, two-story property offers one- and two-bedroom apartments, with floor plans ranging from 540 to 870 square feet. Rents start at a monthly $752 and go up to $852 as of March, according to data collected by Yardi Matrix, which also notes that the property is currently 97.9 percent occupied. Amenities at French Colony include two laundry facilities, swimming pool and 150 parking spots.
“Average rental rates are 7.4% below market rental rates,” said Doug Banerjee in prepared remarks. “This presents a great opportunity for new ownership to make minor interior improvements to push the rent levels up to market upon lease turn.”
Recently, Greysteel also landed marketing for a well-positioned 10-unit building in Brooklyn.
Image courtesy of Yardi Matrix