Clover Capital Partners has expanded its multifamily holdings with the acquisition of Creekstone and Gable Point, two rental communities on Woodmeadow Parkway in Dallas. The adjacent properties, located at 11110 and 11111 Woodmeadow Parkway, total 374 apartment units. According to Commercial Edge, the sellers were members of the local Pardue family, who originally developed both assets in the 1980s.
Clover Capital plans to implement operational enhancements and targeted capital investments across the two communities. The strategy is expected to focus on upgrades at the property level, although specific improvement plans and timelines were not disclosed.
Creekstone, delivered in 1982, comprises 220 residences in a mix of studios, one-bedroom and two-bedroom units. Apartments at the property average 615 square feet. Community amenities include a swimming pool and two laundry facilities, supported by 460 parking spaces. The property is reported to be 95 percent occupied, with monthly rents averaging $1,185.
Gable Point was developed four years after Creekstone and consists of 152 residences. The unit mix includes one- and two-bedroom floor plans with an average size of 696 square feet. Like Creekstone, Gable Point offers a swimming pool and on-site laundry facilities for residents. Occupancy at Gable Point stands at 90.1 percent, and average rents are $985 per month.
The transaction brings under a single ownership two established apartment assets that were previously held by the original developer family for several decades. Both properties combine mature construction with relatively high occupancy levels and in-place rents that may provide a base for Clover Capital's planned operational and capital improvements.
Clover Capital Partners worked with Institutional Property Advisors in connection with the acquisition. Further details on transaction pricing, financing structure and planned investment scope were not made available.
