Praedium Group Buys Dallas-Area Asset
- Jan 10, 2019
After purchasing The Point at Town Center for $46.7 million last month, a 246-unit luxury multifamily asset in Jacksonville, Fla., The Praedium Group has acquired Arlington Commons, in North Arlington, Texas.
Located at 425 E. Lamar Blvd., the 353-unit community offers one- and two-bedroom floorplans ranging from 580 to 1,418 square feet. Newly constructed in 2018, Arlington Commons comprises one, four-story building with an attached structured parking garage.
Apartment features include granite or quartz countertops, stainless steel appliances, undermount sinks, designer backsplashes, chrome finishes, electronic door entry, vinyl plank wood flooring, European style cabinetry, 2-inch blinds, custom track lighting, spacious closets, soaking tubs, kitchen islands, semi-private courtyards, up to 12-foot ceilings, USB charging outlets, full sized washer/dryers, private balcony/patios and views of the adjacent Rolling Hills Country Club golf course, downtown Fort Worth and downtown Dallas. Residents have access to community amenities including:
- swimming pool with tanning shelf
- resident lounge
- business center
- wellness center with fitness on demand
- valet trash
- dog park with dog wash station
- electronic parcel lockers
- community Wi-Fi
- coffee bar
- lounge deck with barbecue 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,” said Peter Calatozzo, managing director of The Praedium Group, in a prepared statement. “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.”
The community provides convenient access to Interstate 30, SH-360, SH-161 and DFW airport. Nearby is the Arlington Entertainment District, which includes attractions such as AT&T Stadium, Glove Life Park/Globe Life Field, Texas Live! and Six Flags Over Texas/Hurricane Harbor. Major employers nearby include 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.
“The acquisition of this property fits well within our strategy of purchasing quality assets in growth markets,” added Calatozzo, in prepared remarks. “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.”
Image courtesy of The Praedium Group