Partners Buy New Dallas-Area Apartment Complex
- Jul 16, 2012
Carrollton, Texas—The Praedium Group and Internacional Realty have joined forces to acquire the Residence at the Collection, a 312-unit multifamily property in metro Dallas, for an undisclosed price. The property was developed recently by Embrey Partners and is located in Carrollton, a town in Denton County in the northern part of the metroplex.
“Dallas is a market that has a lot of investor demand,” Praedium managing director Mark Lippman tells MHN. “By approaching the developer directly and negotiating a deal before stabilization, we believe we’re able to effectively price the lease-up risk and buy an asset at a discount to the pricing that would be achieved once the asset is stabilized and auctioned via a competitive bid process.”
As part of its ongoing investment strategy, New York-based Praedium continues to manage the properties within its existing portfolio, including the new purchase. It will also be actively acquiring assets nationwide through the Praedium Fund VII LP, a $900 million real estate private equity fund with current holdings of $2 billion.
Likewise, San Antonio-based Internacional is acquiring aggressively. “This acquisition plays into our go-forward acquisition strategy,” says L. Miguel Arce, senior vice president of acquisitions and development for Internacional. “We successfully executed our ‘purchase at CO’ strategy in this last cycle and we are geared up to do it again.”
Residence at the Collection has one- and two-bedroom flats and also has 48 townhouses, each with two-car attached garages and private fenced yards. Units at the property feature nine-foot ceiling heights, walk-in closets, stainless steel appliances and full-sized washers/dryers. Community amenities include a resort style pool, sundeck, spa, fitness center, business center, clubhouse, billiards room, game room with arcade games, BBQ picnic area and covered parking.