Greysteel Brokers 208-Unit TX Property
- Jul 18, 2018
Greysteel has arranged the sale of Midtown Crossing, a 208-unit multifamily property in Fort Worth, Texas, the third such deal announced in two weeks and fourth in the last month by the same brokerage team.
Managing Directors Doug Banerjee and Boyan Radic, Senior Investment Associates Andrew Mueller and Andrew Hanson and Investment Associate Jack Stone, all based in Greysteel’s Dallas and Fort Worth offices, negotiated the sale on behalf of the seller. The same team facilitated the sale of a 76-unit community in North Dallas and 68-unit asset in Irving, Texas this month and a 281-unit multifamily property in Grand Prairie, Texas in June.
Midtown Crossing was built in 1984 at 8925 Randol Mill Road and is minutes from I-30 and a short drive to downtown Fort Worth and central Dallas as well as DFW Airport.
“New ownership plans to continue the interior upgrade program that was proven out by the seller to increase revenue and the NOI at the property,” Banerjee said in a prepared statement. “With the vicinity to Interstate 30 and close proximity to Arlington and downtown Fort Worth, the daily traffic should continue to be strong for the foreseeable future.”
The property has one- and two-bedroom units averaging 829 square feet. Interior amenities include upgraded kitchens with granite countertops and resurfaced cabinets, large walk-in closets and patios/balconies. Exterior amenities include a business center, reserved covered parking, limited access gates, swimming pool with sun deck, picnic areas with grills and on-site management. The multifamily community is close to Waterchase Golf Club, AMC Eastchase 9 multiplex, Super Target and many restaurants.