Presidium Breaks Ground on Luxury Texas Project
- Sep 18, 2019
Presidium has started construction of Presidium at Revelstoke, a 408-unit luxury multifamily community in Alliance Town Center in North Forth Worth, Texas.
Expected to be completed in 2020, the three-story, 466,515-square-foot development is the first multifamily community in ATC—North Fort Worth’s premier shopping and dining hub—that will have modern design and SMART technology.
The SMART technology will allow residents to control the temperature, access and lighting in the units from their wireless devices. John Griggs, co-founder & Co-CEO of Presidium, noted in a prepared statement that residents drawn to the region through corporate relocations and expansions are seeking high-end multifamily properties that are modern and technologically-advanced.
Presidium at Revelstoke will feature units with 9-foot ceilings, upscale finishes and energy-efficient stainless-steel appliances. Community amenities will include a resort-style pool with cabanas, gas grills and game areas, a second-floor deck overlooking the pool and a fitness center with spin and yoga studios. The 10,000-square-foot clubhouse and leasing center will contain a full-size demonstration kitchen, business center and billiards room. Other outdoor amenities will feature a dog park with washing station, on-site car wash, playground and Electric Vehicle (EV) charging stations.
The 17.2-acre site was purchased from Hanover Property Co. John Carter of Hanover handled the transaction for the firm. O’Brien Architects will be the design firm for the property. Provident General Contractors is the builder and Kimley-Horn is the civil engineering firm for project.
Last week, Presidium began development in Jacksonville on Presidium at Town Center. Located in the St. Johns Town Center area—one of the city’s most sought-after entertainment districts—the four-story, 470,000-square-foot multifamily property will neighbor JTB Luxury Apartments. Presidium and its co-developers, Killashee Investments and Schmidt Development, began leasing units at JTB Luxury Apartments in May. The 435,000-square-foot complex has 350 studios, one-, two- and three bedroom units with upscale interiors and resort-style indoor and outdoor amenities. The property also has an 11,000-square-foot clubhouse and leasing center with a fireplace, bar, demonstration kitchen, game room, large-screen TVS and café lounge.
Back in Texas, Presidium sold Axio Apartments, a 360-unit multifamily property at 8722 Cinnamon Creek Drive in San Antonio to Shippy Properties, in August. Wells Fargo originated a $25.6 million, 10-year Freddie Mac loan to finance the acquisition, according to Berkadia, which arranged the financing.
Presidium owns and operates more than 13,000 multifamily units in markets including Dallas-Fort Worth, Austin, San Antonio and Harlingen, Texas, and Jacksonville, Fla.