Pearlmark has closed on the acquisition of Pleasant Creek, a 159-unit apartment property located in Lancaster, Texas. The property is currently 98 percent occupied and located 15 miles south of Dallas. Pleasant Creek’s location near major thoroughfares provides residents convenient access to the Dallas CBD and more than 148,000 jobs.
Pearlmark partnered on the acquisition with principals of Sinatra & Company Real Estate, a Buffalo, N.Y.–based vertically integrated real estate investment, development and management firm. Pearlmark and Sinatra will immediately implement both interior and exterior improvements that will enhance the tenant experience within the property and address the need for quality workforce housing in south Dallas. Sinatra will serve as property and construction manager for the asset as part of its expansion into Texas markets.
The Dallas office of Marcus & Millichap represented the seller, NAPA Ventures, on the sale. Acquisition financing was provided by Greystone on behalf of Fannie Mae.