Praedium Group Teams with the Carroll Organization on Houston Multifamily Property Purchase
- Apr 12, 2012
Houston—The Praedium Group, a New York City-based national real estate investment firm, and The Carroll Organization, a multi-faceted enterprise focusing on the ownership and operations, have partnered to acquire a 302-unit apartment community in Houston.
“It’s in a unique location for a place like Houston as this property has very high-end townhomes and single-family homes around it,” Mark Lippmann, managing director of The Praedium Group, tells MHN. “It’s really between two of the hottest submarkets, it has great schools and is right on George Bush Park, so there’s lots of great space.”
Additionally, the property benefits from its location between two major employment drivers, the energy corridor and two new hospitals.
Originally built in 2009 and called Carrington at Green Trails, the property will be rebranded as Carroll at Green Trails and updated amenities will be added.
“It’s not a value add in a traditional sense, but we will be putting in granite countertops, improving light fixtures and doing some work to the asset on the interiors to dress them up a little,” Lippmann says. “There’s also a resort-style pool, a grilling area, fitness center and a clubhouse with a billiards room.”
Carroll at Green Trails will offer one-, two- and three-bedroom garden-style apartments with direct access to one- and two-car garages. Units will offer washers and dryers, custom cabinetry and walk-in closets.
The community is easily accessible by both Interstate 10 and Beltway 8, and is situated just five miles from the Energy Corridor District, a key global epicenter for multinational corporations.
“The be that close to the job sector, be in the desirable Katy independent school district and offer the amenity of being near a giant 1,000 acre park is pretty unique,” Lippmann says. “With a proximity close to the Energy Corridor, it’s just a great place to live.”
The Praedium Group is already a major player in the Houston and Dallas markets and is planning on announcing new deals in Texas shortly. As part of its ongoing investment strategy, Praedium continues to manage the properties within its existing portfolio, while also actively identifying and acquiring assets throughout the country through The Praedium Fund VII, L.P., a $900 million real estate private equity fund with purchasing power of $2 billion.
“This is a newer deal, but we like these transactions that are a light value add and high quality renter demographic,” Lippmann says. “There is strong demand for large, quality rental homes in this area.”