Patrick Gillean acquired the Village Creek Apartments in Commerce, Texas, from Sam Roach. The sale price was not disclosed.
Built in 1973 and renovated in 2014, the 2231 Live Oak St property includes 100 units across two stories. The unit mix consists of 28 one-bedroom, 52 two-bedroom, and 20 three-bedroom apartments.
The property is located approximately 60 miles northeast of downtown Dallas in Hunt County. Current market data shows an 18% vacancy rate in the complex, higher than the rate when it last traded in August 2018.
This acquisition expands Gillean's multifamily portfolio, which now includes three properties totaling over 318,000 square feet.
For the record
Ryan Quaid, Associate Director, and Todd Franks, Executive Managing Director at GREA represented the seller in the transaction.