Greysteel Arranges West Texas Transaction
- Jul 25, 2019
After recently handling the $37 million sale of an affordable housing community in Washington, D.C., Greysteel has arranged the sale of Las Lomas Apartments, a 232-unit community in El Paso, Texas. Jack Stone, Doug Banerjee and Andrew Hanson from the company’s Dallas office worked on behalf of the seller and also procured the California-based buyer. According to Yardi Matrix data, Silverstein Realty Group is the former owner of the asset.
Located at 500 Rubin Drive, Las Lomas is 6 miles north from downtown El Paso. The property is within 2 miles of Interstate 10 as well as several shopping, dining and entertainment venues, including Sunland Park Mall. The asset is adjacent to a new Topgolf, Alamo Drafthouse and an iFly indoor skydiving facility currently underway.
Completed in 1986, the 15-building community encompasses two- and three-bedroom units, ranging from 781 to 1,041 square feet. Common-area amenities include two swimming pools, a clubhouse, 425 parking spaces and a playground. According to Stone, the seller had stabilized the property after spending significant capital on repairs and the upgrade of several units.
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