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 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 In an effort to identify and eliminate out-of-date data, properties with rents one standard deviation below the mean (for any respective floor plan) were removed from the analysis.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
© 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.
© 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
© 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.
© 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]
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