Greystone Brokers Sale of Dallas Community
- Oct 16, 2019
Greystone has arranged the sale of Villas Del Lago, a 247-unit Class C property in Dallas, for $13.4 million. The firm’s Executive Managing Director Todd Franks represented the seller and Managing Director Sean Reynolds worked on behalf of the buyer. Arbor Realty provided a $12.3 million loan to finance the acquisition, according to public records.
Located at 2911 Clydedale Drive, the community is in the Bachman Lake submarket, along major roads such as Freeway 12 and Interstate 35E, roughly 11 miles from downtown Dallas. Additionally, the property is around 4 miles from the Dallas Love Field Airport.
Despite the prime location, the property struggled with occupancy due to maintenance issues, according to Greystone. At the time of the sale, the property was 70 percent occupied. The new owner plans to fully renovate all three buildings of the property to meet the needs of today’s renters. Built in 1974, the community spans across nearly 5 acres and comprises studios and one- and two-bedroom units, averaging 569 square feet, according to Yardi Matrix data.
Earlier this month, Greystone provided $37 million to refinance an independent living community in Pearland, Texas. The 10-year senior mortgage was secured by the company’s Cary Tremper and its affiliated operator, Integrated Senior Lifestyles.
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