525/670 N. Carolina Dr. is a 129-unit property consisting of two-bedroom one-bath units.
EL PASO, TX—A two property multifamily portfolio, 525/670 N. Carolina Dr., sold 10 days after the largest point drop in Dow Jones history. Both built in 1981, the 129-unit property consists of two-bedroom one-bath units with an average square footage of 600.
Greysteel's Jack Stone, Doug Banerjee and Andrew Hanson from the firm's Dallas offices sold the property on behalf of the seller and solely procured the buyer. Greysteel's Fisher Wells and Daniel Harnett arranged the financing on behalf of the buyer. The purchase price was undisclosed.
"Our team worked diligently to execute this transaction, coming to creative solutions and funding with one of the last agency loans to have pre-COVID-19 leverage and terms," Stone said. "I'm very proud of what we were able to accomplish under extremely volatile conditions."
The properties are near parks and Interstate 10, which is desirable for daily commutes and traveling to other El Paso neighborhoods.
"As we were closing, the agencies were changing terms up to the last minute with borrowers, lowering their leverage and incorporating 12 months reserves for debt service, taxes and insurance," Stone tells GlobeSt.com. "We were able to close just before any of these restrictions were placed on the transaction. The buyers are looking forward to owning in a well-diversified market with solid fundamentals like El Paso."
El Paso is recognized as one of the largest international trade hubs in the Western Hemisphere. It has one of the largest US Army bases and is home to a number of government agencies. Additionally, El Paso is ranked one of the safest US cities and one of the best for raising a family.
The average size for an El Paso, TX apartment is 812 square feet, but this number varies greatly depending on unit type, according to research from Yardi Matrix.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
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.
