Greysteel to Market 2 Dallas Properties
- Sep 26, 2017
Greysteel has been retained as exclusive advisor and agent for the sale of a two-property portfolio in Dallas. The commercial real estate investment services firm will be in charge of selling The Bailiwick and Tree Top communities.
The two properties, totaling 100 units, sprawl across almost two acres in the Oak Lawn neighborhood, within one mile of numerous retailers, office buildings and major hospitals such as Parkland, Texas Scottish Rite Hospital for Children, William P. Clements Jr. University Hospital and UT Southwestern Medical Center. The Dallas Love Field Airport is a nine-minute drive away, northwest of the communities.
A value-add investment
The Bailiwick is located at 4425 Gilbert Ave. and includes 63 apartments built in 1972. Tree Top was built in 1966 at 4207 Bowser Ave. and features 37 apartments. Both properties are wood frame constructions. “The Bailiwick and Tree Top multifamily communities present new ownership with a rare opportunity to renovate all 100 units’ interiors and capture premium market rents. With effective rents approximately $440 under market value at Tree Top and $342 under market value at The Bailiwick, new ownership will see incredible returns on renovation efforts,” said Greysteel Managing Director Doug Banerjee, in a prepared statement.
Banerjee, along with Managing Director Boyan Radic, Senior Investment Associate Andrew Mueller and Investment Associate Andrew Hanson, based in the company’s Dallas and Fort Worth offices, are part of the team that will market the multifamily portfolio.
Images courtesy of Greysteel