Greysteel Arranges Sale of Multifamily Property in Duncanville
- Oct 24, 2016
by Gabriel Culcsar
Dallas—Greysteel arranged the sale of Wexford Townhomes, a 122-unit community located at 600 Wembley Circle in Duncanville, Texas. Boyan Radic, Doug Banerjee, Andrew Mueller, Ryan Hill and Andrew Hanson of Greysteel represented the seller, Virtue Wexford Owner LLC, and procured the buyer, PC Wexford LLC.
Built in 1984, the property comprises 17 two-story buildings with a unit mix of 22 one-bedroom and 100 two-bedroom units. Amenities include attached garages, 24-hour maintenance and a swimming pool. Every unit features wood-look vinyl flooring, black appliance packages, washer and dryer connections and private patios. Located in a predominantly residential area, the asset offers easy access to Interstate 20 and to a nearby retail district. According to Yardi Matrix data, rents range between $1,095 and $1,452.
“The new buyer will enjoy tremendous cash flow with the fixed-rate debt that was assumed on the transaction. New ownership plans to continue increasing rents as leases turn, as the property has maintained stable occupancy in the mid to high 90 percent range for the last 12 months,” said Banerjee in prepared remarks.
Image courtesy of Yardi Matrix