The Praedium Group Invests $90M in TX, FL
- Jul 10, 2017
The Praedium Group announced it expanded its multifamily portfolio by 530 units through the acquisition of two communities—Fox Hill Apartments in Austin, Texas and Park Place at Maguire in Orlando, Fla.
For Fox Hill Apartments, The Praedium Group paid $40.3 million to Pinnacle, according to Yardi Matrix data. The transaction was subject to a $30.2 million loan held by New York Life Insurance Co.
The 288-unit community was built in 2010 at 8800 West Highway 290 in the Oak Hill submarket. The unit mix comprises one- to three-bedroom floor plans ranging in size from 899 to 1,313 square feet. The new owner plans to invest in the community through a targeted capital improvement program that will include both individual units and common areas.
Apartment amenities include nine-foot ceilings, black or stainless steel appliances, granite countertops, faux wood flooring throughout the kitchen and living areas, walk-in closets, garden tubs, washer and dryers or connections, and patios/balconies with storage. Community amenities include a swimming pool, conference center, business center, clubhouse with lounge area, outdoor playground, barbecue grills, electric car charging station, dog park and walking trail.
“Fox Hill is a high-quality property which provides us with the opportunity to capitalize on Austin’s steady population growth, educated workforce and employment drivers,” Peter Calatozzo, managing director of The Praedium Group, said in prepared remarks.
Skorman Construction sold Park Place at Maguire to The Praedium Group for $49.5 million, according to Yardi Matrix data. The 242-unit community was built in 2016 at 100 Maguire Park St. Ocoee and offers one-, two- and three-bedroom floor plans ranging in size from 650 to 1,273 square feet. Unit amenities include nine-foot ceilings, granite counters in kitchens and bathrooms, sinks with brushed nickel hardware, 42-inch cherry wood cabinetry, stainless steel appliance, faux wood plank flooring in living areas, designer track and pendant lighting, and kitchen islands with plumbing and deep bowl stainless steel sinks. Common area amenities include a swimming pool and sundeck, 24-hour fitness center, 5,600-square-foot resident clubhouse with a wet bar and billiards lounge, business center, internet café with a coffee bar, children’s playground, car care center, summer kitchen with grills and a covered dining area, dog park and controlled access gated entry.
“Park Place is a high-quality asset in the Windermere/Ocoee submarket with barriers to entry and proximity to the town of Windermere,” added Chris Hughes, principal of The Praedium Group. “We believe the property is well-positioned to benefit from the projected growth in Orlando in the coming years.”
Images courtesy of Yardi Matrix