Greysteel Closes Sale of Cedar Square in Dallas
- Oct 14, 2016
Dallas—Greysteel has recently arranged the sale of Cedar Square, a 116-unit multifamily community located in the Cockrell Hill suburb of Dallas. Boyan Radic, managing director, Doug Banerjee, senior director, Andrew Mueller, investment associate, as well as Ryan Hill and Andrew Hanson, junior investment associates, all part of the company’s Dallas-Fort-Worth office, represented seller Cedar Square Apartments LLC and procured the buyer, a local private investor.
Located at 404 Andrews Ave., the property offers one-, two- and three-bedroom apartments. According to Yardi Matrix, the asset totals 77,568 square feet of space and apartment sizes range between 492 and 936 square feet. Additionally, as of September 2016, the average monthly rent equated to $742 per apartment. Renovation has been carried out at 43 of the units, while the new ownership is given the opportunity to realize significant improvement in cash flows through additional interior renovations for the remaining 73 units. On-site amenities include a swimming pool, laundry facilities, picnic areas and barbecue grilling stations. Moreover, residents have access to 240 parking spaces.
The multifamily community is part of the developing North Oak Cliff borough, one of Dallas’ older neighborhoods, which currently has 1.5 million square feet of retail, healthcare, industrial, and multifamily space planned or under construction.
“Cedar Square is the largest apartment complex in Cockrell Hill and with the recent upgrades, the property has maintained full occupancy,” said Banerjee in an official statement, “The buyer plans to continue renovating unit interiors and should enjoy the $75 to $100 per month rent premiums that are achieved in the upgraded units,” he added.
Image courtesy of Greysteel