Greysteel Retained to Market Texas Multifamily Asset
- Mar 28, 2017
Dallas—A private local investor has selected Greysteel as the exclusive advisor and agent for the sale of Azlewood, an 81-unit community in Azle, Texas. Boyan Radic and Doug Banerjee, the company’s managing directors, along with Andrew Mueller, senior investment associate, all based in the firm’s Dallas and Fort Worth offices, will be marketing the property.
Built in 1982, the community is located at 1021 Timberoaks Drive in northwest Tarrant County. The property provides access to schools such as Walnut Creek Elementary School and Azle High School, as well as an easy commute to downtown Fort Worth, Texas. Azlewood consists of a mix of one- and two-bedroom units. Recently, 20 units have been renovated to include vinyl plank flooring in kitchens and baths, tile backsplashes, new appliances and updated fixtures throughout. Common area amenities include a swimming pool, laundry facilities, as well as on-site maintenance and management.
“The fully renovated units are achieving rents on average $84-$98 higher per unit per month compared to the classic units. This presents a great opportunity for new ownership to complete renovations of the remaining units in order to achieve higher rents,” said Andrew Mueller in a prepared statement.
The average rent at Azlewood is currently $739.
Recently, Greysteel has also been retained to market Neal Garden Apartments, a multifamily asset in Washington, D.C.
Image courtesy of Azlewood website