GREA, specializing in serving private to institutional multifamily real estate investors, announces the sale of Luna Blanca, a 161-unit apartment community located at 3706 W. 8th St. in Dallas.

Dallas markets are still among the most active for multifamily real estate investments. Over the past four quarters, the DFW Metroplex saw $29.2 billion in total volume, accounting for 7.8% of the U.S. total.

Mark Allen, Executive Managing Director of GREA, procured the buyer and represented the seller. The asset was sold to an out-of-state private investment group that plans to invest significant capital to improve the property.

“North Oak Cliff needs continued investment into the residential sector. Ten years ago, most people would not want to step foot into Luna Blanca and the surrounding neighborhood”, said Allen. “It’s great to see the property trade hands to receive a thorough renovation, to implement a new and eager management team, and to provide safe, affordable housing for its residents.”