Pace’s Cove Apartments

Pace’s Cove Apartments

Acquisition Manager: Greg Nelson
Number of Units: 323
Year Built: 1983
Acquisition Date: May 2014

Sentinel Capital purchased Pace’s Cove Apartments in 4th Quarter of 2014. The property is located in East Dallas, conveniently near Highway 635 along with a bulk of major employers including both Raytheon and DFW/Love Airport.
The property was constructed in 1983 and consists of 328 units across five floor plans.

Sentinel purchased this asset on an off-market basis from a Dallas-based operator who purchased it in 2009. That owner had since invested on a limited scale into upgrades across a small portion of the units, roof replacements, exterior wood repairs, and other traditional capital improvements and maintenance.

Upon both first reviewing and acquisition, the property occupancy was maintained at 95%, while the rental rates were roughly $0.07-$0.10 cents below the market. The property was perfectly positioned for Sentinel to take advantage of the positive momentum in the market through professional management operations (Centra Partners), higher attention to detail on amenity enhancements, and a continuation of a unit interior upgrade program.

The investment strategy for PC was to bring rental rates to the market average, invest capital dollars to update the interiors upon demand shown, enhance the curb appeal, and continue to capitalize on the current demand for higher quality housing and increased job demand driven by the growth of Dallas-Fort Worth.

Pace’s Cove Apartments
Pace’s Cove Apartments – East Dallas, Texas