Greysteel, a national commercial real estate investment services firm, has arranged the sale of Riverway Apartments, a 293-unit Multifamily community in Dallas, TX.
Sr. Managing Director Doug Banerjee, Director Andrew Mueller, and Sr. Director Jack Stone of the Greysteel Dallas office represented the buyer and seller in this transaction.
Located at 7510 E. Grand Avenue and originally built in 1983 and 1987, The Bluffs at Lakewood is comprised of give, 3-story buildings with a mix of 1 and 2-bedroom layouts. Full upgrades were implemented in 240 out of the 293 units with renovated units achieving $150–$300/month premiums depending on the floor plan. In addition, the Property has a new leasing office, fitness center, and four upgraded courtyard/pool areas.
“Bluffs is located in one of the premier residential neighborhoods in Dallas and is a short walk from White Rock Lake where residents of Dallas can enjoy biking, running, kayaking, fishing, and other activities. New ownership plans to renovate the remaining units as they become available and should continue to benefit from the recent rent growth seen and projected to continue in the Dallas market with overall occupancy at 96%.”
About Greysteel:
Greysteel is a commercial real estate and capital markets services firm with offices located in
New York, NY; Los Angeles, CA; Dallas, TX; Houston, TX; Fort Worth, TX; Austin, TX; Newport Beach, CA; Metairie, LA; Washington, D.C.; Philadelphia, PA;Phoenix, AZ;Denver, CO; Baltimore, MD and Norfolk, VA. Greysteel serves and advises private and institutional real estate investors and developers in the marketing, sale, and financing of private capital and middle-market real estate assets. www.greysteel.com
