Deal Close
July 10, 2026 (both)
Type
Multifamily
Westover Apartments(48 units) | Sandy Ridge Ranch (64 units)
Doug Banerjee
Texas Multifamily Team
Executive Summary
Both properties belonged to a small-town Amarillo-area developer and homebuilder Doug Banerjee first met roughly 14 years earlier, when the relationship was cold and the seller had no interest in transacting.
It warmed over the years through parallel financing conversations with the team’s debt side, and when the seller decided to redeploy capital into new home construction, the two well-maintained, newer-vintage assets — each carrying a rare, fully amortizing 30-year Fannie Mae loan — came to market. Guidance offers landed 5–10% below ask before one buyer stepped up and paid it.
The Challenge
The seller priced these assets at roughly an 8–8.5% cap and wouldn’t move off that number despite several offers landing meaningfully below it, testing whether the team’s guidance pricing was actually achievable in a tertiary Texas Panhandle market.
The Solution
Greysteel held the listings at the seller’s price point through a longer marketing window rather than pushing him to accept a discounted offer, ultimately finding a buyer — a former competing brokerage principal — willing to meet the number.
Results
- Both closed July 10, 2026
- Rare fully amortizing, 30-year, interest-bearing Fannie Mae loans successfully assumed on both assets
- Relationship built over 14 years, warmed through a parallel debt-side connection, converted into a two-property sale
- Seller redeploying proceeds via 1031 exchange into new home construction, financed separately through the same Greysteel team
“Despite limited demand in the tertiary market, Greysteel secured a 1031 exchange buyer attracted to the property’s double-digit projected returns and long-term financing. The team guided the parties through the extended loan-assumption process and preserved operational continuity through the seller’s management platform.” — Doug Banerjee, Greysteel Lead Deal Contact, TX Dallas Multifamily Team
Greysteel Advisory Expertise
Greysteel is a commercial real estate advisory firm specializing in investment sales and debt and structured finance, serving private investors, middle-market operators, and institutional clients nationwide.
The firm provides sector-focused advisory across multifamily, healthcare, and affordable housing and other commercial real estate asset classes, delivering market intelligence, capital markets expertise, and disciplined execution.
