Clover Capital Partners acquired two East Dallas apartment communities totaling 374 units from the Pardue family, according to a Mar. 17 announcement. The properties, Creekstone and Gable Point apartments at 11111 Woodmeadow Parkway, had been owned and operated by the Pardue family since the 1980s.
The sale marks the end of a four-decade ownership period for the Pardue family, which is uncommon in the multifamily housing industry. The long-term hold comes as Dallas-Fort Worth continues to experience significant growth in its apartment market.
Institutional Property Advisors marketed the properties, which were built in 1982 and 1986 and are located next to the Dallas Athletic Club. The apartments offer one- and two-bedroom units with access to employment centers, retail areas, and outdoor amenities.
Recent data shows that Dallas-Fort Worth added more than 700,000 residents between 2020 and 2024, fueling demand for rental housing. However, new supply has led to a decrease in occupancy rates to 93.1 percent late last year and a decline in rents by 3.3 percent year-over-year in November.
Clover Capital Partners said it purchased the properties below replacement cost and prevailing market pricing, providing an opportunity for value enhancement through operational improvements and targeted upgrades. Institutional Property Advisors noted that most units have below-market rents with potential for increased income through utility reimbursements, cable contracts, or reserved parking options.
The communities have recently received exterior upgrades such as a new boiler, updated signage, landscaping improvements, fresh paint, and siding. Minimal deferred maintenance remains on site.
