GREA, specializing in serving private to institutional multifamily real estate investors, announces the sale of two apartment communities, 3311 at Vernon (118-units) located at 3311 S Vernon Avenue & La Madera (60-units) located at 3702 Legendary Lane, for a total of 178-units in Dallas, Texas.
3311 at Vernon and La Madera are located between Dallas’ Bishop Arts District and the Red Bird Mall Redevelopment. This prime positioning just south of Downtown Dallas offers residents easy access to top employment, education, and entertainment options.
The local Seller, MOUNTAIN RIVER VO EP LLC, sold to an out-of-state Buyer who is undisclosed at this time.
The new out-of-state owners plan to enhance the community further by addressing any deferred maintenance issues and introducing additional interior and community amenities, ensuring each property remains a top choice for Dallas residents.
Reflecting on the transaction, Mark Allen, Executive Managing Director of GREA noted, “Closing deals in the current market demands a hands-on approach and critical thinking. The properties were previously marketed for sale by a competing global commercial real estate services company, and they could not procure a Buyer. The successful sale of 3311 at Vernon and La Madera is a testament to GREA’s commitment to achieving the real estate goals of our clients through expertise, creativity, and dedicated service.”
Over the past 12 months, GREA has demonstrated exceptional performance in the real estate market, achieving an average capitalization rate of 3.74% on sales. This transaction at 3311 at Vernon and La Madera is a continuation of the firm’s strategy to deliver results to its clients.
GREA is a national full-service multifamily advisory firm. GREA offers a personal, hands-on, client-driven approach that understands how to tailor solutions to the needs of each investor. GREA aims to help its clients achieve their real estate goals by leveraging its local expertise with the network’s global reach, knowledge, experience, expertise, creativity, and connections.
