Following its purchase of Terrawood in Grapevine, Texas, The Praedium Group has acquired Discovery at Mandolin, an apartment community in Houston. According to Yardi Matrix, the last known owner was GrayCo, which bought the property from McCann Realty Partners in 2010.
“This is an exciting opportunity for Praedium, as we were able to purchase the asset at an attractive basis relative to replacement cost, in a market with favorable supply and demand dynamics,” said Peter Calatozzo, managing director at The Praedium Group. “The Houston market is experiencing a significant deceleration in multifamily deliveries, and the Cypress/Fairbanks submarket in which Discovery is located has no projects under construction in the near term. As a result, the area is expected to see above national average rental growth over the next five years.”
Discovery at Mandolin
Located at 19401 Tomball Parkway, Discovery at Mandolin offers 260 one-, two- and three-bedroom units ranging from 642 to 1,488 square feet. Constructed in 2009, the community comprises 10 three-story buildings. According to Yardi Matrix, the property has a 96.2 percent occupancy as of May 2018. Interior features include nine-foot ceilings, balcony/patios, walk-in closets, fireplaces, washer/dryers and kitchen islands. Residents have access to community amenities including:
- resort-style swimming pool
- fitness center
- dog park
- dog washing station
- clubhouse with media room
- car care center
- outdoor grilling station with TV
- 560 parking spaces
The Praedium Group will be implementing a capital improvements plan on Discovery at Mandolin to update the common areas and unit interiors.
The community is within close proximity to various retail amenities including Vintage Park Shopping Village, Whole Foods and Willowbrook Mall. The Tomball Parkway, Sam Houston Tollway, Grand Parkway and Interstate 45 are also located nearby.
Image courtesy of The Praedium Group