GREA, specializing in serving institutional and private real estate investors of multifamily assets, is pleased to announce the sale of The Power Properties Portfolio, a 20-property multifamily portfolio located in Old East Dallas that includes the esteemed historic neighborhoods of Swiss Ave, Lakewood, and Peak Suburban.
The 544 units were constructed between 1914 and 1962. The resort-style communities were impeccably renovated in the mid-1990s through the early 2000s. They were assembled by two brothers who are recognized as the original urban pioneers of East Dallas. Together, they worked to maintain the historical integrity of the buildings while infusing modern amenities and providing residents with a unique resort-style living experience. A broad range of architectural themes can be seen throughout, from Old-World Spanish influences, 1920s era Art Deco, New York brick buildings, Mid-Century Modern, French Quarter, Festive Contemporary, and Modern European touches.
GREA ultimately achieved a 105.4% list-to-close ratio on this Receivership sale through a complex marketing structure that included a stalking horse agreement to set a floor on offers before the properties were opened to the broader investor market. The stalking horse agreement was a bold move: If GREA did not achieve a minimum price through marketing, they committed to purchase the portfolio themselves for that price.
The seller was a court appointed receiver, but the properties were not economically distressed. It was a partnership divorce.
The Buyer is 180 Multifamily, a DFW-based investor specializing in value-add assets throughout Texas.