Live Oak was constructed in 1986 and totals five buildings with 40 units.
STAMFORD/RANGER, TX—Current market trends data indicates a decrease of 0.3% in the median asking price per unit for multifamily properties compared to the prior three months, with an increase of 18.6% compared to last year's prices, GlobeSt.com learns. Countywide asking prices for multifamily properties are 1.8% lower at $68,789 per unit compared to the current median price of $70,975 per unit for multifamily properties in Dallas, according to LoopNet. While asking prices are somewhat lower in those areas, it is not enough to discourage the marketing efforts for two properties that have been significantly rehabbed.
Greysteel has been named exclusive advisor and agent by Vickery Development for the sale of those multifamily properties, Live Oak and King Manor. Greysteel managing director Boyan Radic, senior director Doug Banerjee and investment associates, Andrew Mueller, Ryan Hill and Andrew Hanson of the company's Dallas and Fort Worth offices, are marketing the properties.
Live Oak, located at 900 South Orient St. in Stamford, TX, was constructed in 1986 and totals five buildings with 40 units. Property amenities include laundry facilities, an on-site management office and playground. King Manor, situated at 107 Blundell St. in Ranger, TX, totals three buildings containing 30 units.
Both properties have recently completed significant renovation programs, including both interior and exterior improvements. Enhancements in select units include new flooring, upgraded cabinetry, white appliances and two-tone paint. The buildings have also received full exterior remodels with new paint and stucco siding, wood trim and new signage.
“These two assets are both in terrific condition, making the offering an ideal turn-key acquisition opportunity,” said Hill. “Despite their location in smaller towns outside of the major metroplex, these properties operate with solid positive cash flows, and new ownership will be rewarded with significant cash-on-cash returns with minimal effort.”
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
