Greysteel Arranges Sale of Large Multifamily Community in Dallas
- Mar 30, 2016
Dallas—Greysteel has arranged the sale of a 318-unit apartment community in Dallas. Diamond Villa Apartments LLC acquired the El Sol Del Lago complex from Oradell Lane Holdings LP. Greysteel’s multifamily investment sales team led by Boyan Radic, Doug Banerjee, Andrew Mueller and Ryan Hill served as exclusive advisor and agent to the seller.
Located at 3102 Oradell Lane, the garden-style community features studio, one- and two-bedroom floorplans. The property sits in close proximity to two main Dallas thoroughfares, Northwest Highway and Webb Chapel Road. With unit sizes between 300 and 968 square feet, rents at El Sol Del Lago range between $455 and $765, according to Yardi Matrix. Community amenities include two swimming pool, a clubhouse, four laundry facilities and 650 parking spaces.
“El Sol Del Lago is an exceptionally run property that stays 98-99 percent occupied month over month. The new owner is stepping into double digit cash-on-cash returns on day one with the new financing they obtained,” Doug Banerjee, senior director at Greysteel, said in prepared remarks. “The purchaser was a local group, but we had buyers from all over the world competing for the deal. It just goes to show how competitive the Dallas-Fort Worth market place is today.”
Images courtesy of Yardi Matrix