Institutional Property Advisors Closes 372-Unit Multifamily Sale in Dallas's Lake Highlands Submarket
DALLAS, March 19, 2026 — Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), has closed the sale of Creekstone and Gable Point, two adjacent multifamily assets totaling 372 units in Dallas, Texas. The seller, Pardue Companies, had owned and managed the properties for more than 40 years. The buyer, Clover Capital Partners, acquires the portfolio as a value-add opportunity in the city's Lake Highlands submarket. The sale price was not disclosed.
Deal Overview: A First-Generation Value-Add Multifamily Opportunity
IPA described the transaction as a rare first-generation value-add opportunity, reflecting the properties' long tenure under a single owner. "Located adjacent to each other, we placed these assets on the market for the original developer, who owned and managed them for over 40 years," said William Hubbard, IPA senior director investments. "This acquisition provides the buyer with an extremely rare opportunity to implement a first-generation value-add program."
Hubbard, along with IPA colleagues Taylor Hill, Michael Ware, Drew Kile, Joey Tumminello, and Jack Windham, represented the seller in the transaction and procured the buyer.
Property Details: Creekstone and Gable Point
Creekstone is a two-story, 220-unit apartment property built in 1982. Gable Point is a two- and three-story, 152-unit apartment property constructed in 1986. Together, the two properties comprise the 372-unit portfolio.
Both communities are located just off Interstate 635, less than 10 miles from Downtown Dallas, and are within walking distance of a Dallas Area Rapid Transit (DART) bus stop. The Lake Highlands submarket and the Dallas Athletic Club border the properties, and the Lake Highlands Town Center shopping mall is nearby. Major employers in the area include Texas Health Presbyterian Hospital Dallas and Medical City Dallas Hospital.
Community amenities at both properties include swimming pools and clothes-care facilities. Individual units feature spacious floorplans and closets, along with private patios or balconies. Select units offer wood-burning fireplaces, washer and dryer connections, and upgraded appliance packages.
IPA's Texas Multifamily Platform
"IPA in Texas provides investors with a large inventory of high-quality multifamily investment opportunities in every market, offering local market research and sales expertise in Dallas-Fort Worth, Houston, Austin, and San Antonio," said Will Balthrope, IPA executive director.
Institutional Property Advisors is a division of Marcus & Millichap focused on serving institutional clients through real estate investment and capital markets services, including the acquisition, disposition, and financing of institutional properties and portfolios.