Far North Dallas Community Up for Grabs
- Jun 12, 2017
A private local investor has named Greysteel as exclusive advisor and agent for a 64-unit community in Denton, Texas. Managing Directors Boyan Radic and Doug Banerjee, along with Investment Associate Andrew Hanson—all based in Greysteel’s Dallas and Fort Worth offices—are in charge of marketing Autumn Ridge.
The community, located at 3401 Joyce Lane, offers one- and two-bedroom apartments, averaging 712 square feet in size. According to Yardi Matrix data, rents at Autumn Ridge start at $630 and go up to $735, as of May. The community is 95.5 percent occupied, as of April.
The owner renovated 16 of the community’s 64 units. Upgrades include granite countertops, black appliances, upgraded cabinetry and vinyl plank flooring in the kitchens and bathrooms.
“Results of a rental comparison survey conducted prove Autumn Ridge’s effective rental rates are significantly lower than competing, similar properties,” Doug Banerjee said in prepared remarks. “Completion of interior renovations could bring all effective rents up to market rates, upon lease turnover.”
Earlier this year, Doug Banerjee and Boyan Radic were also named exclusive advisors and agents for the sale of French Colony, a 94-unit Dallas multifamily property.
Image courtesy of Yardi Matrix