Marcus & Millichap Reps Buyer and Finds Seller of Lancaster Multifamily Property
Cove Capital Investmentshas acquired Pleasant Creek, a 159-unit community in Lancaster, Texas. 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 consists of 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. Northrup Grumman Systems, Dallas Boss Truck Stop and FFE Logistics are some of the employers in the area.
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.
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