Greystone | Investment Sales Group has announced the sale of Stone Manor, a 108-unit, Class C community located at 3122 Park Lane, Dallas, TX 75220 from Gomel Texas LLC to Worth Street Partners, a Dallas-based real estate investment company. The transaction was led by Mark Allen of Greystone | Investment Sales Group.
Constructed in 1964, Stone Manor features a mix of one- and two-bedroom units and community amenities such as a swimming pool and gated access. The buyer has plans for an extensive rehab project, giving them an opportunity for additional rent income after the LIHTC LURA expires in 2022.
The property was 90% occupied at the time of sale and consisted of 100% “classic” units, offering the new ownership a great opportunity to modernize and enhance the community for the local residents.
Mark Allen of Greystone ISG, represented the Seller.