Dallas-based Lion Real Estate bought the 172-unit Dallas community Del Sol on Royal Lane from a private investor that owned the Class C property for less than three years.
Rebranded as Lucia, the community has one-, two- and three-bedroom apartments averaging 807 square feet, and the buyer financed the purchase with a $14.4 million Freddie Mac loan from Berkadia, according to Multi-Housing News.
Greysteel, a middle market-focused real estate investment banking firm in Dallas, brokered the transaction on behalf of the buyer, according to Yardi Matrix. The financing is set to mature in 2029.
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Sitting on six acres at 2825 Royal Lane, the Lucia community is approximately 12 miles northwest of downtown Dallas, with easy access to Interstate 35, and offers a variety of dining and retail options in the immediate area on Dennis Road and Royal Lane. Dallas Love Field Airport is about 7 miles away.
The new owner plans interior and exterior renovations at the 1966-built property, Greysteel Senior Managing Director Doug Banerjee said in a prepared statement, and together with Senior Director Jack Stone and Director Andrew Mueller, negotiated the deal on behalf of the buyer.
Dallas-Fort Worth’s multifamily market has seen substantial growth in 2021, as investors traded assets worth $14.6 billion in the Metroplex last year, currently leading all U.S. metros in transactions volume alone.
It sits above cities like Atlanta, Houston, Phoenix, Denver and Washington, D.C., with the average price per unit rising by 26 percent year-over-year in 2021 to $171,005, which is also 42.3 percent above the 2019 figure. By comparison, the average per-unit price for upscale Lifestyle properties in general clocked in at only $159,310 in 2021.
[Multi-Housing News] — James Bell