Greysteel, a national commercial real estate investment services firm, has arranged the sale of La Privada and Terrace Hill Apartments, a 550-unit, two-property multifamily portfolio located in El Paso, Texas.

Jack Stone, Doug Banerjee, and Andrew Hanson from the firm’s Dallas office sold the properties on behalf of the Seller, a private investment company, and solely procured the Buyer.

La Privada Apartments is located at 9030 Betel Drive, in the Mission Valley area of El Paso. The area primarily consists of small businesses, shops, and restaurants, but is well-known for its missions, art galleries, museums, and annual festivities. The 240-unit Property consists of 13, two-story buildings and is comprised of one- and two-bedroom units with an average unit SF of 703.

Terrace Hill Apartments is located at 4111 Westcity Court, in West Central El Paso, which is home to several historic neighborhoods and districts, as well as a myriad of entertainment options, including a brand-new Top Golf and Alamo Draft House Cinema. West Central El Paso is situated between Interstate 10 and the Franklin Mountains, with the University of Texas at El Paso (UTEP) located in the heart of the area. The 310-unit Property consists of 13, two-story buildings and is comprised of studio, one- and two-bedroom units with an average unit SF of 752.

“We attracted very competitive offers from groups across the country, many of which were new to the El Paso market,” said Jack Stone. “The portfolio allows new ownership to add true scale in not only the 18th largest city in America, but one of the safest.” He added that “both properties will benefit from rent bumps with conservative interior renovations, which presented an additional value-add opportunity to the deal.”

About Greysteel:

Greysteel is a commercial real estate and capital markets services firm with 14 offices located in New York, NY; Los Angeles, CA; Dallas, TX; Fort Worth, TX; Washington, D.C.; Philadelphia, PA; Phoenix, AZ; Denver, CO; Baltimore; MD, Charlotte, NC; Norfolk, VA; and Oklahoma City, OK. Greysteel serves and advises private and institutional real estate investors and developers in the marketing, sale, and financing of private capital and middle-market real estate assets. www.greysteel.com