Clover Capital Partners Buys Pardue’s Dallas Apartments

A Dallas family just wrapped up a 40-year run holding onto two apartment complexes, a rare stretch of time in the industry.

The Pardue family sold two East Dallas apartment communities totaling 374 units after owning and operating the properties since the 1980s. Dallas-based Clover Capital Partners acquired the portfolio, consisting of the Creekstone and Gable Point apartments at 11111 Woodmeadow Parkway, according to Multifamily Dive.

Institutional Property Advisors marketed the apartments, which were built in 1982 and 1986 and sit next to the Dallas Athletic Club on the city’s east side. The properties include a mix of one- and two-bedroom units and provide residents access to nearby employment centers, retail corridors and outdoor amenities, according to the outlet.

The deal closes the book on a rare long-term hold in multifamily. The Pardue family developed both communities and kept them in their portfolio for roughly four decades before selling into a market that has been both booming and volatile in recent years.

Dallas-Fort Worth has been one of the country’s fastest-growing apartment markets, adding more than 700,000 residents between 2020 and 2024, according to Federal Reserve Bank of St. Louis data. That growth has fueled demand for rental housing, particularly workforce-priced units in established neighborhoods.

But the region has also been grappling with a wave of new supply. Apartment occupancy across the metro fell to 93.1 percent late last year, while rents declined 3.3 percent, year-over-year in November, according to RealPage.

Clover said the purchase still offers an attractive entry point. The firm acquired the properties at a basis well below replacement cost and prevailing market pricing, creating room to boost value through operational improvements and targeted upgrades.

According to Institutional Property’s listing materials, the communities are 96 percent “classic” units with below-market rents and limited ancillary revenue streams. The brokerage suggested new ownership could increase income by adding utility reimbursements, implementing cable contracts and introducing reserved or covered parking.

The properties have also received recent exterior upgrades, including a new boiler, fresh signage, landscaping, paint and siding, with minimal deferred maintenance remaining, according to Institutional Property.— Eric Weilbacher