Praedium Group Buys Dallas Area Multifamily
Back in June 2018, in another Texas multifamily purchase, the Praedium Group acquired the 260-unit Discovery at Mandolin Apartments in Houston, TX.
ARLINGTON, TX—New York City-based the Pradeium Group follows up recent acquisitions in Florida and Georgia with the purchase of the newly built 353-unit Arlington Commons apartment community here.
Arlington Commons, constructed in 2018, consists of a four-story elevatored building with an attached structured parking garage, 10-foot-12-foot ceilings, and views of the adjacent Rolling Hills Country Club golf course, Downtown Fort Worth, and Downtown Dallas.
The property’s unit mix consists of one- and two- bedroom apartments ranging from 580 square feet to 1,418 square feet. No financial details of the transaction were released.
Unit interiors feature granite or quartz countertops, stainless steel appliances, undermount sinks, designer backsplashes, chrome finishes, electronic door entry, vinyl plank wood flooring, custom track lighting, full size washer/dryers, and balconies or patios. Community amenities include a swimming pool with a tanning shelf, resident lounge and business center within the clubhouse, wellness center with fitness on demand, valet trash, dog park with dog wash station, electronic parcel lockers, and a lounge deck with BBQ grills.
“Arlington Commons is located in the City of Arlington, a municipality which continues to grow its employment base and expand its position as the entertainment mecca of North Dallas,” says Peter Calatozzo, managing director of The Praedium Group. “Arlington has seen significant population growth over the last decade and strong home price appreciation. With limited delivery of new multifamily properties over the last several years, the submarket has a favorable supply and demand dynamic.”
He says the deal fits with its strategy of purchasing quality assets in growth markets. “The Dallas-Fort Worth metroplex continues to experience substantial population growth and strong employment gains, which have been and continue to be facilitated by a significant number of corporate relocations and expansions within the MSA,” he says.
The property provides access to a diverse employment base such as GM Financial, D.R. Horton, General Motors, the Great Southwest Industrial District, the University of Texas-Arlington, Texas Health Resources, the Centreport Business Park, American Airlines Group and UPS. In addition, the property is located less than four miles from Arlington’s entertainment district, which includes AT&T Stadium (home to the Dallas Cowboys), Globe Life Park/Globe Life Field (home to the Texas Rangers), Texas Live!, and Six Flags Over Texas/Hurricane Harbor.
Unit interiors at Arlington Commons feature granite or quartz countertops, stainless steel appliances, undermount sinks, designer backsplashes, chrome finishes, electronic door entry, vinyl plank wood flooring, custom track lighting, full size washer/dryers, and balconies or patios. Community amenities include a swimming pool with a tanning shelf, resident lounge and business center within the clubhouse, wellness center with fitness on demand, valet trash, dog park with dog wash station, electronic parcel lockers and a lounge deck with BBQ grills.
Back in June 2018, in another Texas multifamily purchase, the Praedium Group acquired the 260-unit Discovery at Mandolin Apartments in Houston, TX.
Last month, the real estate investment firm purchased the 500-unit The Point at Town Center in Jacksonville, FL. In October, Praedium Group spent $39.4 million for the 246-unit Trees of Newnan Apartments in Newnan, GA, from Atlanta-based Wilwat Properties, an affiliate of the Watkins Real Estate Group. Also in October, the firm added the 404-unit Luzano Apartments community in Pompano Beach, FL to its portfolio.