Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Pleasant Creek, a 159-unit apartment complex in Lancaster, Texas.
“Dallas-Fort Worth has led the nation in net job growth since the onset of the pandemic and remains a focal point for private and institutional investors,” said Bard Hoover, senior managing director investments in Marcus & Millichap’s Dallas office. “The acquisition of Pleasant Creek provides our buyer with a range of strategies for increasing revenue, including continuation of the unit upgrade renovation program, creating extended backyards, adding covered parking spaces and making use of currently under-utilized space.” Hoover and Marcus & Millichap’s Nick Fluellen and Chris Pearson represented the seller, and procured the buyer, Cove Capital Investments LLC, a Delaware Statutory Trust (DST) sponsor company specializing in 1031 exchange investments.
Twenty minutes from Downtown Dallas, the property is near three major highways, Interstate 35, Interstate 20 and Texas State Highway 342. Nearby employers include Northrup Grumman Systems, Dallas Boss Truck Stop and FFE Logistics. Lancaster City Park and Country View Golf Club are five minutes away and Dallas College Cedar Campus is close by.
Pleasant Creek is a 16-building, controlled-access community with a swimming pool, fitness center, business center and on-site laundry facilities. All apartments have fireplaces, walk-in closets and a private patio or balcony. Select units have faux-wood flooring, brushed nickel hardware and two-tone paint.