Chicago, IL (February 8, 2019) – Pearlmark closed on the acquisition of Pleasant Creek, a 159-unit apartment property located in Lancaster, TX, the company announced today. The property is currently 98% 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-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.
Keith Page was the lead executive on the transaction for Pearlmark. Mr. Page stated, “Pearlmark looks forward to working with Sinatra & Company to improve the property amenities and renovate unit interiors to create value for the tenants and our investors. The acquisition is consistent with our business plan to acquire and improve workforce housing units across the US.”
“We are excited to partner with Pearlmark to manage this workforce housing property in a growing submarket of Dallas. We plan to use Pleasant Creek as a beachhead for our Dallas property management business as we grow our apartment portfolio in the region,” said Nick Sinatra, President and Founder of Sinatra & Company.
Stephen Quazzo, CEO for Pearlmark, also commented, “The Pleasant Creek investment in partnership with Sinatra & Company is an example of our commitment to strong income-oriented strategies focused on capital preservation and predicated on attractive market fundamentals.”
Pearlmark is a Chicago-based investment firm that targets domestic core and value-add real estate opportunities via commingled funds, separate accounts and joint venture arrangements. Since inception in 1996, Pearlmark has sponsored more than a dozen investment programs for institutional and high net worth investors, and completed 540 real estate equity and debt transactions representing approximately $13.3 billion in gross investment value. Pearlmark is dedicated to creating value for investors, and offers a range of investment opportunities across the various property types (office, industrial, multifamily) in both local and national markets. For more information, please visit https://www.pearlmark.com.
ABOUT SINATRA & COMPANY REAL ESTATE
Sinatra & Company Real Estate is a vertically integrated real estate investment, development and management firm focused on value-add multifamily acquisitions and development. With approximately 5,650 apartments and nearly 1 million commercial square feet owned and managed in the Western New York, Upstate New York and Chicagoland regions, Sinatra is one of the largest private owner/operators of apartments and commercial properties in the Western New York region. Sinatra & Company Real Estate was founded in 2009 and is headquartered in Buffalo, NY.