The Praedium Group Sells TX Community
- Mar 15, 2019
The Praedium Group has sold Legends at Chase Oaks, an apartment community in Plano that it acquired five years ago. Located at 701 Legacy Drive, the property was completed in 1996 and features 346 one-, two- and three-bedrooms units ranging from 692 to 1,362 square feet. Monthly rents range from $1,047 for the smallest unit to $1,700 for the largest apartment home.
Legends at Chase Oaks is comprised of 32 two-story buildings. Most of the units have direct-access garages. Surrounded on three sides by Watters Creek Golf Course, the low-density rental community is situated in the highly-rated Plano Independent School District.
Capital improvement program
The Praedium Group completed a comprehensive capital improvements program encompassing both common areas and unit interiors. A modernization of the clubhouse entailed the installation of new hardwood flooring throughout and the addition of art and light fixtures. Leasing offices, clubhouse bathrooms and the demonstration kitchen were also remodeled. An outdoor fire pit and pool-side lounge area were created and the fitness center equipment was expanded. A maintenance shed was repurposed into the “Wellbeats” virtual fitness studio. The addition of new clubhouse furniture represented one more component of the capital upgrade.
Apartment features and finishes include washer-dryer hookups and microwave ovens in all units, available monitored security, vaulted ceilings, high-speed Internet access and in select units, fireplaces. Among the more distinctive common-area amenities are controlled access, covered parking and a spa.
The Legends at Chase Oaks sale means The Praedium Group has fully liquidated Praedium VIII Multifamily Value Fund, L.P. This eighth flagship investment vehicle was comprised of 19 properties constructed between 1996 and 2015. It totaled 5,200 units and had a total cost of approximately $1 billion. The fund was invested from 2013 to 2016 across 16 U.S. markets.
In January, The Praedium Group acquired Arlington Commons, in North Arlington, Texas.
Image courtesy of The Praedium Group