Greysteel Brokers Sale, Loan for New TX Community

A partnership including developer Rise Residential Construction has sold the 176-unit Majors Place in Greenville less than one year after its completion.
Majors Place Apartments

Greysteel has arranged the sale of Majors Place, a 176-unit Class A property, on behalf of the seller, an ownership group including Rise Residential Construction. According to Hunt County records, Wolfe Re Management bought the asset and assumed the outstanding balance of a $3 million construction loan from Texas Housing and Community Affairs, set to mature in 2033. Greysteel also closed on acquisition financing on behalf of the buyer. Barings LLC originated a $15.4 million Fannie Mae DUS loan.

Located at 2410 West Jack Finney Blvd., almost 40 miles northeast of Dallas, the property offers easy access to Interstate 30, U.S. highways 380 and 69, and railroad lines including BNSF, Kansas City Southern and Union Pacific services.

Completed in 2018, Majors Place had an occupancy rate of almost 94.0% as of October, according to Yardi Matrix data. The eight-building community comprises one-, two- and three-bedroom apartments, out of which 34 are affordable.

Property amenities include:

  • business center
  • clubhouse
  • fitness center
  • a basketball court
  • on-site maintenance and management

“Majors Place, which was completed in early 2018, was the first new multifamily development in Greenville in roughly 15 years and the demand was certainly there as it reached stabilization within six months of the last building being delivered,” said Greysteel Managing Director Doug Banerjee in prepared remarks.

Last October, Greysteel also arranged the sale of New Orleans Apartments, a 68-unit community located in Carrollton, 20 miles north of Dallas.

Image courtesy of Greysteel