Greysteel Keeps Busy in Dallas with Two New Deals
- May 23, 2015
Washington, D.C.-based Greysteel Co. announced recently that one of its multifamily investment sales team has been retained as the sole advisor and agent in the sale of Milano, a 16-unit multifamily building in Dallas.
Milano is located within the East Dallas submarket, close to to the Central Dallas Business District, Uptown Dallas, Knox-Henderson and the Lower Greenville neighborhood. The community features 16 one-bedroom, one-bathroom apartments with varying floor plans.
“With dynamic new multifamily developments nearby and market comparables achieving 40 percent higher rents, Milano stands to see increased revenue growth now and as the submarket continues to flourish,” said Greysteel Investment Associate Andrew Mueller. “With Uptown residents moving east to escape escalating rents, the area has benefited from a growing number of trendy restaurants, revitalized apartment buildings and new housing developments over the last year. East Dallas housing demand remains strong, with the planned 271-unit Class A Alexan Henderson apartment community less than two blocks away.”
The firm also announced that it has arranged the sale of West Village, a 66-unit multifamily building in Arlington, Texas. Greysteel acted on behalf of the seller, Westside Village, L.P. In an official press statement, Greysteel Managing Director Boyan Radic said that the new owner, a local private investor, has a long-term hold strategy for the recently acquired asset.