By Liviu Oltean, Associate Editor
A 26-unit multifamily complex in the Old East Dallas neighborhood of Big D has been put on the market, Greysteel announced.
Carroll Place, as the 29-year-old community is known, is located at 1500 N. Carroll Ave. It features a mix of six efficiency and 20 one-bedroom units spread across three two-story buildings. Greysteel, which has been assigned as exclusive advisor and sales agent for the property, described the community as a good value-added opportunity, as renovated assets in the area are achieving rent premiums in excess of $200 above the community’s current rental rates.
The firm’s sales team of Boyan Radic, Doug Banerjee, Andrew Mueller and John Marshall Doss will act on behalf of an undisclosed seller.
“Carroll Place offers the rare opportunity to purchase and renovate a 1980s-construction multifamily complex in the booming Old East Dallas neighborhood,” Andrew Mueller, investment associate with Greysteel, said in a prepared statement. “As rent and land prices continue to increase in neighboring Uptown, developers and residents alike are looking at Old East Dallas as a cost-effective alternative.”