Banerjee tells GlobeSt.com: “DFW was the second largest growing metro area from July 1, 2014 to July 1, 2015 according to The Dallas Morning News, with nearly 400 people moving here every day over that time frame. Occupancy at multifamily properties is at an all-time high, which is allowing for significant rent growth across the board and price values increasing along with that rent growth. These factors have caused a significant amount of competition during the last two to three years with interest rates being as low as they are and even more growth projected in the DFW Metroplex.”

DALLAS—Located in the Bachman Lake neighborhood, El Sol Del Lago is a 318-unit garden-style community with good future rent potential and sits in close proximity to two main Dallas thoroughfares, Northwest Highway and Webb Chapel Road. The property offers residents convenient access to a large base of employment and economic drivers such as Dallas-Love Field Airport, the Southwestern Medical District and the Dallas Central Business District.

Oradell Lane Holdings LP sold the asset to Diamond Villa Apartments LLC. Greysteel's multifamily investment sales team led by Boyan Radic, Doug Banerjee, Andrew Mueller and Ryan Hill served as exclusive adviser and agent to Oradell Lane.

“El Sol Del Lago is an exceptionally run property that stays 98 to 99% occupied month over month. The new owner is stepping into double-digit cash-on-cash returns on day one with the new financing they obtained,” said Greysteel senior director, Doug Banerjee. “The purchaser was a local group, but we had buyers from all over the world competing for the deal. It just goes to show how competitive the Dallas-Fort Worth market place is today.”

El Sol Del Lago was built in 1972 and general amenities include a swimming pool, a community center, a playground and two barbecue grilling stations. Most of the tenants are long-term because the management is diligent about tenant response and property maintenance.

Banerjee tells GlobeSt.com: “DFW was the second largest growing metro area from July 1, 2014 to July 1, 2015 according to The Dallas Morning News, with nearly 400 people moving here every day over that time frame. Occupancy at multifamily properties is at an all-time high, which is allowing for significant rent growth across the board and price values increasing along with that rent growth. These factors have caused a significant amount of competition during the last two to three years with interest rates being as low as they are and even more growth projected in the DFW Metroplex.”