Lion Real Estate Picks Up Dallas Community

Lucia. Image courtesy of Greysteel Lion Real Estate Group has purchased Del Sol on Royal…

Lucia. Image courtesy of Greysteel

Lion Real Estate Group has purchased Del Sol on Royal Lane, a 172-unit community in Dallas. The seller was a private investor which had owned the Class C property for less than three years, according to Yardi Matrix information. Greysteel brokered the transaction on behalf of the buyer.

Yardi Matrix also shows the buyer financed the purchase with a $14.4 million Freddie Mac loan from Berkadia. The financing is set to mature in 2029.

Rebranded as Lucia, the community encompasses one-, two- and three-bedroom apartments averaging 807 square feet. The new owner plans interior and exterior renovations at the 1966-built property, Greysteel Senior Managing Director Doug Banerjee said in a prepared statement.

Situated on 6 acres at 2825 Royal Lane, Lucia is approximately 12 miles northwest of downtown Dallas, with easy access to Interstate 35. Dining and retail options are available in the immediate area, on Dennis Road and Royal Lane. Dallas Love Field Airport is roughly 7 miles away.

Banerjee, together with Senior Director Jack Stone and Director Andrew Mueller, negotiated the deal on behalf of the buyer.

According to a recent Yardi Matrix report, Dallas-Fort Worth’s multifamily market has seen a solid performance in 2021, as investors traded $13.9 billion in assets. One of the metro’s recent transactions involved a 288-unit community in downtown Dallas which is to be renovated through a $4.3 million capital improvement plan.

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