Dallas-based Lion Real Estate purchased Dallas’ 172-unit Del Sol community on Royal Lane from a private investor who had owned the Class C property for less than three years.
Renamed 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 bank in Dallas, negotiated the transaction on behalf of the buyer, according to Yardi Matrix. The funding is expected to mature in 2029.
Located on six acres at 2825 Royal Lane, the community of Lucia is approximately 12 miles northwest of downtown Dallas, with easy access to Interstate 35, and offers a variety of dining options and retail in the immediate vicinity on Dennis Road and Royal Lane. Dallas Love Field Airport is approximately seven miles away.
The new owner is planning interior and exterior renovations to the property built in 1966, Greysteel senior general manager Doug Banerjee said in a prepared statement, and with senior manager Jack Stone and manager Andrew Mueller negotiated the agreement on behalf of the buyer.
The Dallas-Fort Worth multifamily market has seen substantial growth in 2021, with investors trading $14.6 billion worth of assets in the Metroplex last year, currently leading all US metros in volume of transactions only.
It sits above cities like Atlanta, Houston, Phoenix, Denver and Washington, D.C., with the average unit price up 26% year-over-year in 2021 to $171,005, also $42. .3% above the 2019 figure. By comparison, the average unit price for high-end Lifestyle properties in general only reached $159,310 in 2021.[Multi-Housing News] — Jacques Bell