Greysteel Closes Sale of Dallas’ Walker Place Apartments
- Mar 29, 2016
Dallas—Greysteel has arranged the sale of a 67-unit apartment community in Dallas. Greysteel’s multifamily investment sales team led by Boyan Radic, Doug Banerjee, Andrew Mueller and Ryan Hill served as exclusive advisor and agent to 12 Walker MGMT LLC. Walker Place Apartments LLC is the new owner of Walker Place.
Located at 3880 South Walton Walker Blvd., the recently acquired Walker Place offers studio, one- and two-bedroom floorplans. Built in 1987, the property features a variety of community amenities including laundry facilities, private fenced patios and 140 parking spaces. Walker Place provides easy access to major DFW thoroughfares such as SH-67, SH-12 and I-20. Rents at the property range between $525 for a 400-square-foot unit and $850 for a 900-square-foot unit, according to Yardi Matrix.
“Walker Place has had a historical occupancy in the high 90s with the heavy traffic the property receives from being located directly on Loop 12,” Doug Banerjee, senior director at Greysteel, said in a prepared statement. “The new owner is stepping into a cash flowing deal with plenty of upside since none of the 67 units have been upgraded and there is anywhere from $50-100/month in upside rent potential by making some basic upgrades to the units like many other competing properties nearby have done.”
Image courtesy of Yardi Matrix