Connor Grabs Dallas Luxury Community

The 372-unit community features one-, two- and three-bedroom apartments and 18,000 square feet of ground-floor retail space. This is Greystar Equity Partners VIII's first sale.
Avana West Lemmon in Dallas
Avana West Lemmon in Dallas

Greystar Real Estate Partners has sold Avana West Lemmon, a four-building luxury community in Dallas, to The Connor Group. The transaction marks Greystar Equity Partners VIII’s first sale. Avana West Lemmon, along with eight other multifamily assets, seeded Greystar Equity Partners VIII shortly after the fund held its final close in the third quarter of 2013.

Located at 3600 Wheeler St. in uptown Dallas, the 372-unit community features one-, two- and three-bedroom apartments. According to Yardi Matrix, the property—consisting in three- and four-story buildings—is 90 percent occupied. Avana West Lemmon also features 18,000 square feet of ground-floor retail space.

Value-add investment

The luxury units feature granite countertops, stainless steel appliances and wood laminate flooring. Other apartment amenities include washers, dryers, microwaves and free Wi-Fi. Individual air conditioning and electric heating are among the services provided by the property.

Common area amenities include:

  • fitness center
  • business center
  • clubhouse
  • two resort-style swimming pools
  • two laundry facilities
  • 558 parking spaces

“The sale of Avana West Lemmon marks the first disposition for Greystar Equity Partners VIII. We are pleased with the outcome of the transaction and believe the attractive price we were able to command demonstrates the effectiveness of our value-add strategy,” said Kevin Kaberna, executive director & leader of Greystar’s U.S. Investment platform, in prepared remarks. “We will continue to identify and invest in undercapitalized apartment communities where we can leverage our institutional knowledge and vertically-integrated platform to drive meaningful value enhancement.”

Image courtesy of Yardi Matrix