Greysteel Selected to Sell 116-Unit Cedar Square in Dallas
- Jul 05, 2016
Boyan Radic, managing director, Doug Banerjee, senior director, Andrew Mueller, investment associate, as well as Ryan Hill and Andrew Hanson, junior investment associates, who are all based in Greysteel’s Dallas-Fort-Worth office, are marketing the property.
Located at 404 Andrews Ave., Cedar Square Apartments features one-, two- and three-bedroom floorplans. Amenities include a swimming pool, laundry facilities and 240 parking spaces. According to Yardi Matrix, rents at Cedar Square range between $669 and $897 and unit sizes range between 692 and 936 square feet.
Built in 1963 and 1965, the community is conveniently located in the developing North Oak Cliff neighborhood of Dallas, which currently has 1.5 million square feet of retail, healthcare, industrial and multifamily space planned or under construction.
“Cedar Square is being offered free and clear of debt and has additional upside for a new buyer to continue renovating the remaining units, many of which already have ceramic tile flooring installed from previous ownership, which significantly reduces the average cost to renovate a unit,” Banerjee said in prepared remarks. “This is a perfect investment opportunity for someone looking obtain significant returns immediately with favorable financing terms available for a new acquisition.”
Image courtesy of Greysteel