Cove Capital Investments has acquired Pleasant Creek, a 159-unit community in Lancaster, Texas. According to Yardi Matrix data, Pearlmark was the seller of the South Dallas property.
Marcus & Millichap represented the seller and procured the buyer. Cove Capital—a Delaware Statutory Trust sponsor company that focuses on 1031 exchange deals—closed the transaction with the help of a $17.4 million acquisition loan from Emerald Creek Capital. The seller picked up the property back in 2019, with a $11.6 million Fannie Mae loan provided by Greystone.
Built in 1983, the two-story community features one-, two- and three-bedroom floorplans across 16 buildings. Common-area amenities include a swimming pool, a fitness center, a business center and laundry facilities. Apartments offer fireplaces, walk-in closets and private patios or balconies.
Located at 1255 West Pleasant Road, the community is roughly 15 miles south of downtown Dallas. Pleasant Creek sits in proximity of interstates 35 and 20, as well as Texas State Highway 342, offering access to several dining, shopping and entertainment options. Northrup Grumman Systems, Dallas Boss Truck Stop and FFE Logistics are some of the employers in the area. Lancaster City Park and Country View Golf Club are within a 3-mile radius.
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Marcus & Millichap team involved in the deal included Senior Managing Director Investments Bard Hoover, Senior Managing Director Investments Nick Fluellen and Associate Chris Pearson. Hoover stated in prepared remarks that Pleasant Creek holds a range of opportunities for increased revenue to its new ownership, such as continuing the existing unit renovations, creating additional green spaces or adding covered parking spaces.
Recently, Marcus & Millichap‘s Institutional Property Advisors brokered another Dallas-area sale. Staples Investment Properties purchased Presidio, a 202-unit community in Allen, Texas.