Clover Capital Partners has acquired Creekstone and Gable Point, two apartment properties totaling 374 units located at at 11110 and 11111 Woodmeadow Parkway in Dallas. Commercial Edge reports the sellers were the local Pardue family, who developed the assets in the 1980s.
The company plans to make a number of operational improvements and capital investments at the communities.Â
Built in 1982, Creekstone has 220 residences, a mix of studios, one- and two-bedroom units averaging 615 square feet. Common-area amenities include a swimming pool and two laundry facilities, along with 460 parking spaces.The property is 95 percent occupied, with an average rent of $1,185.Â
Constructed four years after Creekstone, Gable Point has 152 residences, including one- and two-bedroom units with a mean size of 696 square feet. The property has a similar array of amenities such as a swimming pool and laundry facilities. Occupancy is at 90.1 percent. Rents average $985.
Clover worked with Institutional Property Advisors on the deal.Â
The post Clover Capital Acquires Two Dallas Rental Communities appeared first on Connect CRE.
​Â
