525/670 N. Carolina Dr.525/670 N. Carolina Dr. is a 129-unit property consisting oftwo-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 DowJones history. Both built in 1981, the 129-unit property consistsof two-bedroom one-bath units with an average square footage of600.

|

Greysteel's Jack Stone, Doug Banerjee and Andrew Hanson from thefirm's Dallas offices sold the property on behalf of the seller andsolely procured the buyer. Greysteel's Fisher Wells and DanielHarnett arranged the financing on behalf of the buyer. The purchaseprice was undisclosed.

|

"Our team worked diligently to execute this transaction, comingto creative solutions and funding with one of the last agency loansto have pre-COVID-19 leverage and terms," Stone said. "I'm veryproud of what we were able to accomplish under extremely volatileconditions."

|

The properties are near parks and Interstate 10, which isdesirable for daily commutes and traveling to other El Pasoneighborhoods.

|

"As we were closing, the agencies were changing terms up to thelast minute with borrowers, lowering their leverage andincorporating 12 months reserves for debt service, taxes andinsurance," Stone tells GlobeSt.com. "We were able to close justbefore any of these restrictions were placed on the transaction.The buyers are looking forward to owning in a well-diversifiedmarket with solid fundamentals like El Paso."

|

El Paso is recognized as one of the largest international tradehubs in the Western Hemisphere. It has one of the largest US Armybases and is home to a number of government agencies. Additionally,El Paso is ranked one of the safest US cities and one of the bestfor raising a family.

|

The average size for an El Paso, TX apartment is 812 squarefeet, 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.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 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.