Greysteel Brokers Sale of Dallas-Area Property
- Sep 07, 2018
Greysteel has arranged the sale of Rock Island, a 154-unit community in Irving, Texas. The firm worked on behalf of the seller, a Dallas-based private owner, according to Yardi Matrix. The property traded to a 1031 exchange buyer.
Located at 2002 Rock Island Road, the community occupies almost six acres near freeways 161, 183 and 12 and Interstate 30 and is approximately 14 miles from downtown Dallas. The area provides access to various shopping centers, including Shady Grove Plaza and Irvingate Shopping Center.
Built in 1973, the 11-building community comprises a mix of one-, two- and three-bedroom units, averaging 845 square feet and featuring private balconies/patios and semi-private entrances. Communal area amenities include a swimming pool, laundry facilities and 300 grade-level parking spaces.
“Irving is one of the strongest rental submarkets for workforce housing in the Metroplex and this asset drew a ton of attention for that reason and its central location,” said Doug Banerjee, managing director at Greysteel, in a prepared statement. “A 1031 buyer was sourced and ultimately awarded the deal and plans to continue upgrading interiors to push rents.”
Greysteel’s team included Managing Directors Banerjee and Boyan Radic, Senior Investment Associates Andrew Mueller, Andrew Hanson and Scott Simon and Investment Associate Jack Stone. In June, the team also arranged the sale of Landings at Carrier Parkway, a 281-unit community in Grand Prairie, Texas.
Image courtesy of Yardi Matrix
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