Greysteel Brokers Sale of 814-Unit Dallas Portfolio

Forest Cove features 656 units and North Creek includes 158 units. Greysteel Managing Directors Doug Banerjee and Boyan Radic, Senior Investment Associate Andrew Mueller and Investment Associate Andrew Hanson negotiated the sale.
The Forest Cove in Dallas
The Forest Cove in Dallas

Greysteel mediated the sale of Forest Cove and North Creek, two multifamily properties in Dallas, featuring 656 units and 158 units, respectively. Doug Banerjee and Boyan Radic, both managing directors, Andrew Mueller, senior investment associate and Andrew Hanson, investment associate, were all part of the team that facilitated the deal. According to Yardi Matrix data, Exponential Property Group now owns and manages both properties.

Forest Cove and North Creek are located just north of Interstate 635 and east of North Central Expressway in northeast Dallas, providing residents easy access to major employers such as Exxon Mobil, AT&T, American Airlines and Texas Instruments. The properties are within a 20-minute commute to downtown Dallas, DFW Airport and The University of Texas in Dallas.

Value-add opportunity

Located at 9600 Forest Lane, the 1981-built Forest Cove includes one- and two-bedroom units, ranging in size from 537 to 1,432 square feet. The property features two-story buildings and includes covered parking, a fitness center, tennis court, swimming pool and laundry facilities.

The North Creek in Dallas
The North Creek in Dallas

North Creek is a 1970-built asset, featuring two-story garden-style buildings. Located at 9387 Pinyon Tree Lane, the property includes a mix of studio, one- and two-bedroom units. Community amenities include a gated entry, covered parking, two swimming pools and laundry facilities.

“Forest Cove and North Creek offer the new owner a unique value-add opportunity in today’s market with 200 of the 814 total units having been offline for over 12 years. The purchasing group plans to bring the 200 down units back online and renovate many of the existing units which will add substantial value to the properties over the next couple of years,” Banerjee said in a prepared statement.

Images courtesy of Greysteel

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