Partially Affordable Northeast Dallas Asset Changes Ownership – Multifamily Real Estate News
Greysteel facilitated the sale of a 264-unit partially affordable housing community – Meadows at Ferguson – in Dallas, Texas. The REIT represented the seller and also procured the buyer. According to Yardi Matrix data, the previous owner of the property is Henley Propertiesa company that acquired the asset in 2019 from a private seller.
Located at 11760 Ferguson Road, Meadows at Ferguson is adjacent to the Lyndon B. Johnson Freeway and Ferguson Road. There are several commercial and green spaces in the area, such as Dallas Athletic Club, Bass Park, and Cotillion Park. White Rock Medical Center and Dallas College Eastfield Campus are less than 5 miles from the community, and Southern Methodist University and Richland College are less than 10 miles away.
Completed in 1983, Meadows at Ferguson comprises 15 buildings with one-, two- and three-bedroom units ranging from 506 square feet to 1,019 square feet, according to the same data provider. Communal facilities include a clubhouse, spa and two swimming pools. Fireplaces and washers and dryers are available in some units. Greysteel Senior General Manager Doug Banerjee said in prepared remarks that the property’s new owner plans to upgrade unit interiors to raise rents to the maximum level allowed in Dallas County.
In the spring, Banerjee was involved in another subway transaction. Greysteel represented the buyer Lion Real Estate in the acquisition of a 172-unit community, Del Sol on Royal Lane.