market overview rental overview · 2019. 5. 17. · uptown 75201 lofts at the sawyer 75204 the...

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© 2017 Greysteel / 1 SPOTLIGHT ON UPTOWN/OAK LAWN MULTIFAMILY SEPTEMBER 2017 Market Overview Rental Overview American Airlines Center 8180 Lemmon Exclusive Offering — See Below Unit Type Average Asking Rent Per Month 62% One Bedroom 6% Studio 2% Three Bedroom 30% Two Bedroom Inventory Composition 970 units of annualized positive net absorption over the past 10 years (9,700 total) 4.7 % Increase in effective rent since year-end 2016 $ 1,860 Average asking rent per unit in the Uptown/Oak Lawn submarket 27 Multifamily transactions in 2016, 150% more than the 10-year average Data courtesy of Greysteel Research, CoStar Realty Information, Inc. Survey includes multifamily properties with greater than 4 units. Affordable properties are excluded from the analysis. In an effort to identify and eliminate out-of-date data, properties with rents one standard deviation below the mean (for any respective floor plan) were removed from the analysis. $4,314 $2,228 $1,423 $1,104 3 BDR 2 BDR 1 BDR Studio

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Page 1: Market Overview Rental Overview · 2019. 5. 17. · Uptown 75201 Lofts at the Sawyer 75204 The Sawyer Dallas 75204 Stepping Stone 75219 Francisca Apartments 75219 Villas on Bowser

© 2017 Greysteel / 1

SPOTLIGHT ON UPTOWN/OAK LAWN MULTIFAMILYSEPTEMBER 2017

Market Overview Rental Overview

American Airlines Center 8180 Lemmon Exclusive Offering — See BelowU

nit

Type

Average Asking Rent Per Month

62%One Bedroom

6%Studio

2%Three Bedroom

30%Two Bedroom

Inventory Composition

970 unitsof annualized positive net absorption over the past 10 years (9,700 total)

4.7%Increase in effective rent since year-end 2016

$1,860Average asking rent per unit in the Uptown/Oak Lawn submarket

27Multifamily transactions in 2016, 150% more than the 10-year average

Data courtesy of Greysteel Research, CoStar Realty Information, Inc.

Survey includes multifamily properties with greater than 4 units. Affordable properties are excluded from the analysis. In an effort to identify and eliminate out-of-date data, properties with rents one standard deviation below the mean (for any respective floor plan) were removed from the analysis.

$4,314

$2,228

$1,423

$1,104

3 BDR

2 BDR

1 BDR

Studio

Page 2: Market Overview Rental Overview · 2019. 5. 17. · Uptown 75201 Lofts at the Sawyer 75204 The Sawyer Dallas 75204 Stepping Stone 75219 Francisca Apartments 75219 Villas on Bowser

© 2017 Greysteel / 2

ALARA Uptown | 2990 Blackburn Avenue

Unit Type Asking Rent

Studio $1,353

One Bedroom $1,532

Two Bedroom $2,446

Post Meridian | 2427 Allen Street

Unit Type Asking Rent

Studio $1,161

One Bedroom $1,425

Two Bedroom $2,015

Northend | 2323 N. Field Street

Unit Type Asking Rent

One Bedroom $1,339

Two Bedroom $2,326

Three Bedroom $2,746

Gables Uptown Trail | 2525 Carlisle Street

Unit Type Asking Rent

Studio $1,325

One Bedroom $1,491

Two Bedroom $2,203

Three Bedroom $3,280

Post Vintage | 2800 Cole Avenue

Unit Type Asking Rent

Studio $990

One Bedroom $1,345

Two Bedroom $1,606

Carlisle on the Katy Trail | 3140 N. Hall Street

Unit Type Asking Rent

Studio $870

One Bedroom $1,008

Two Bedroom $1,417

Three Bedroom $1,857

Rent Comparables SEPTEMBER 2017

CONTINUE TO RECENT SALES

Unit & Amenities

Property ALARA Uptown Gables Uptown Trail Post Meridian Post Vintage Northend Carlisle on the

Katy TrailYear Built | Occupancy 2012 | 96% 2012 | 95% 1991 | 93% 1993 | 93% 1997 | 96% 1967 | 97%

Balcony/Patio • • • • • •

Ceiling Fans • • • • • •

Dishwasher • • • • • •

Fireplace • • •

Granite/Quartz Countertops • • • • •

Hardwood Flooring • • • • • •

Stainless Steel Appliances • • • • •

Washer/Dryer or Hookups • • • • •

Listed properties represent a small cross-sampling of the overall market. Data courtesy of Greysteel Research, CoStar Realty Information, Inc.

The report below features a sampling of properties located in the Uptown/Oak Lawn submarket. Please note the different

locations and adjust comparisons accordingly.

Page 3: Market Overview Rental Overview · 2019. 5. 17. · Uptown 75201 Lofts at the Sawyer 75204 The Sawyer Dallas 75204 Stepping Stone 75219 Francisca Apartments 75219 Villas on Bowser

© 2017 Greysteel / 3

Recent Sales

The report below features a sampling of properties sold since March 2017 in the Uptown/Oak Lawn area. Please note that

different locations, amenity base, asset vintage, unit sizes and mixes, and other variables contribute to variances in sales metrics,

and adjustments to comparisons should be made accordingly. Also note that sales comparables provide a snapshot of recent

transactions and are not a perfect predictor of future market movement and behavior.

The Jordan Uptown

75201

Lofts at the Sawyer75204

The Sawyer Dallas75204

Stepping Stone75219

Francisca Apartments

75219

Villas on Bowser75219

Property

Close Date June 2017 June 2017 June 2017 May 2017 May 2017 March 2017

No. of Units 212 75 102 60 25 18

Year Built 2016 2006 2005 1972 1963 1963

SellerNational Real Estate

Investment FirmNational Real Estate

Investment FirmNational Real Estate

Investment FirmRegional Real Estate

Investment FirmRegional Real Estate

Investment FirmRegional Real Estate

Investment Firm

BuyerNational Real Estate

Investment FirmNational Real Estate

Investment FirmNational Real Estate

Investment FirmLocal Private Investor Local Private Investor Local Private Investor

SEPTEMBER 2017

Listed properties represent a small cross-sampling of the overall market. Data courtesy of Greysteel Research, CoStar Realty Information, Inc. CONTINUE TO EXCLUSIVE LISTING

Page 4: Market Overview Rental Overview · 2019. 5. 17. · Uptown 75201 Lofts at the Sawyer 75204 The Sawyer Dallas 75204 Stepping Stone 75219 Francisca Apartments 75219 Villas on Bowser

© 2017 Greysteel / 4

Exclusive Listing SEPTEMBER 2017

8180 LEMMON | 8180 Lemmon Avenue, Dallas TX 75209

Luxurious Space

8180 Lemmon underwent a complete renovation in 2014, transforming the Property into a one-of-a-kind luxurious boutique apartment building. The Property features 13 spacious one bedroom apartments with high class interior finishes such as new hardwood look floors throughout, renovated kitchens with granite counters, custom cabinetry, deep stainless steel sinks with chrome faucets and disposal, all electric stainless steel appliances, updated lighting throughout, renovated bathrooms with ceramic tile floors, tile shower/bath, dual flush toilets, vanity with drawers, wood-burning fireplaces with slate surround, and custom wood blinds. Ground floor units feature a 300 square foot private backyard/patio. Other improvements include new steel front doors and new energy efficient sliding glass doors and windows. Each unit is equipped with high efficiency front-loading washer and dryers and private patios with external lockable storage closets.

Strategic Location

Located just off of Lemmon Avenue and Lovers Lane in Dallas, Texas, the modern apartments at 8180 Lemmon are just minutes from Dallas Love Field Airport, Northwest Highway, Inwood Road, Dallas North Tollway, Downtown Dallas, Uptown, and the Medical District. Nestled in the highly sought after Bluffview neighborhood and directly across from Midway Manor Park, the Property is surrounded by many new, high-end custom homes priced in the mid one-million-dollar range.

Exceptional Economic Drivers

The Property is in close proximity to a large base of employment and economic drivers. Dallas-Love Field Airport is directly southwest of the Property transporting over seven million passengers annually. Two miles south is the Southwestern Medical District encompassing UT Southwestern Medical Center, Parkland Health and Hospital System, and Children’s Medical Center Dallas. The Medical District is home to over 28,000 employees and supports over 2.3 million patient visits annually. Only five miles southeast of the Property is the Dallas Central Business District with over 35 million square feet of office space and more than 135,000 employees.

Financing

The Property is being offered free-and-clear of debt allowing investors to benefit from today’s historically low interest rates.

Page 5: Market Overview Rental Overview · 2019. 5. 17. · Uptown 75201 Lofts at the Sawyer 75204 The Sawyer Dallas 75204 Stepping Stone 75219 Francisca Apartments 75219 Villas on Bowser

© 2017 Greysteel / 5

SALES: FINANCE:

DFWINVESTMENT SALES DEBT & STRUCTURED FINANCE TRANSACTION SERVICES

Andrew MuellerSr. Investment Associate

John Marshall DossSr. Finance Associate

Ari Firoozabadi**CEO & President

Duerk BrewerChief Operating Officer

Yassi FarzanehDirector of Corporate Services

Rebecca WileyDirector of Marketing

Andrew HansonInvestment Associate

Daniel HartnettFinance Associate

Jared EmeryLead Research Analyst

Ryan HillSenior Research Analyst

Anne Elizabeth MartinSr. Transaction Coordinator

Suki UyangodageDesigner

DALLAS10000 N. Central Expressway, Suite 750Dallas, TX 75231

P. 469.518.5040F. [email protected]

BOYAN RADICManaging [email protected]

DOUG BANERJEEManaging [email protected]

ANTON MATTLISenior [email protected]

FORT WORTH500 W. 7th Street, 9th FloorFort Worth, TX 76102

P. 817.406.3260F. [email protected]

Phoenix • Los Angeles • Denver • Washington, D.C.* • Baltimore • New York • Philadelphia • Dallas • Fort Worth • Norfolk

* Corporate Headquarters and Transaction Services Center

** For more information or to inquire about Greysteel, please contact Ari Firoozabadi, CEO & President ([email protected] | 202.417.3873)

Greysteel is licensed in: 01984315 California / LL98371301 Washington D.C. / 636050 Maryland / RB068196 Pennsylvania / 9003203 Texas / 0226023703 Virginia / RB0020504 Delaware / 10491206967 New York