Greysteel Completes Sale of 129-Unit Texas Community
- Apr 06, 2020
Greysteel has brokered the sale of a 129-unit, two-property portfolio in El Paso, Texas. Directors Jack Stone and Andrew Hanson, along with Senior Managing Director Doug Banerjee, represented the seller. Finance Associate Fisher Wells and Director Daniel Hartnett arranged the financing on behalf of the buyer. In November, Banerjee represented the seller of a 50-unit community in north Dallas, while Wells arranged $3.5 million in acquisition financing for the deal.
Located at 525 and 607 N. Carolina Drive, the assets are within 2 miles of Interstate 10. The surrounding area offers various retail and dining options, including Towne East Shopping Center, which is 2 miles from the communities. The area also includes several schools, such as Hacienda Heights Elementary, Constance Hulbert Elementary and Riverside High. El Paso International Airport is within 5 miles of the properties.
Built in 1981, the properties comprise two-bedroom units averaging 600 square feet. According to Yardi Matrix data, 525 North Carolina also includes a playground, laundry facilities and 70 parking spaces.