GREA, specializing in serving private to institutional multifamily real estate investors, announces the sale of Park Lane Terrace, a 152-unit apartment community in Dallas, Texas.
Park Lane Terrace is located in the vibrant Vickery Midtown neighborhood, providing residents with convenient access to major employment hubs, shopping, dining, and entertainment options throughout the Dallas metropolitan area. The property offers a mix of one, two, and three-bedroom units with spacious floor plans averaging over 800 square feet.
Mark Allen, Executive Managing Director of GREA, is bullish on the Midtown market, “We sold this property in 2019 and despite the rise in interest rates, the property has appreciated over 8% per year, which is mostly attributed to the growing rental demand in the Midtown area. I look forward to seeing the Buyers continue to improve the community and I expect consistent appreciation of multifamily properties in this area for years to come.”
The California-based Seller sold to an undisclosed real estate private equity firm. Mark Allen and Chibuzor Nnaji of GREA brokered the sale.
Chibuzor Nnaji Senior Managing Director of GREA shared his outlook on the Dallas multifamily market, “Dallas remains as one of the most liquid multifamily markets in the country. Even in other Texas metros, it’s difficult to sell a 1960s vintage, value-add investment. In Dallas, Buyers are still lining up for Class-C product in quality locations.”
