Spotlight on Lower Greenville, Dallas, TX
The Neighborhood: Lower Greenville is most notably recognized as the trendy, laid back, restaurant and entertainment district of East Dallas. The boundaries of the district are generally thought to exist from Mockingbird Lane on the north and North Henderson Avenue on the south bordering I-75 to the west, and Abrams Road to the East.
Access to Dallas’ Top Neighborhoods: Proximity to the other top neighborhoods of Dallas has been a large contributor to Lower Greenville’s rise in popularity and real estate values. Within minutes, residents can conveniently access Dallas’ most popular neighborhoods like Park Cities, Lakewood, Uptown, Downtown, and Deep Ellum.
St. Patrick’s Day: The biggest event of the year for the neighborhood occurs annually in March, Dallas’ St. Patrick’s day parade which takes place along Greenville Avenue moving south from Blackwell Street to SMU Boulevard which culminates with an outdoor concert at University Boulevard. Hundreds of thousands take part in the festivities as Greenville Avenue is blocked off from traffic and local residents and visitors pack the Lower Greenville bars and restaurants.
New Development: One of the newest developments is Crest at Glencoe, a 180-unit apartment complex from Lennar Multifamily Communities finished in 2015. Crest at Glencoe is located one quarter mile south of Mockingbird Avenue on the east side of Glencoe Park. Another is the 43-unit Magnolia on Matilda which began leasing in late 2015 and is located one block east of Greenville Avenue on the southwest corner of Oram and Matilda Street.
Redevelopment and Restoration: A redevelopment project is Columbia Pacific Advisor’s redevelopment of the old Vickery Towers at Greenville Avenue and Belmont Street. The previous building has been torn down and development plans include more than 400 units with a construction start date targeted in May of 2016. One renovation taking place is the restoration of the Avalon Apartments at 1925 Moser Avenue. Houston-based Light Hill Partners bought this 107-unit apartment complex in June of 2015 and is currently undergoing a complete overhaul of the community.
Bar and Restaurant Scene: Lower Greenville has become a major player in the Dallas bar and restaurant scene as the area has gentrified and continues to attract more and more young people. Some of the best eateries and bars in the area include HG Supply Co, Blind Butcher, Truck Yard, Libertine, The Grape, and Mudsmith among countless others. The Dallas Observer ranked Lower Greenville second among the cities “Best Neighborhoods for Restaurants” and Thrillist.com ranked it as number one on their list of “12 Dallas Neighborhoods, Ranked by their Food and Drink.”
Rent Comparables: The featured properties on this month’s rent comparables represent two Class A, two Class B, and two Class C properties. Occupancy rates for these properties range from 85% to 100% while average rental rates range from $1.06/SF to $1.54/SF and unit sizes averaging from 520 square feet 2,062 square feet.