By Anca Gagiuc
Presidium Group LLC joined forces with investment management company Partners Group to recapitalize its eight-property portfolio. The transaction, valued at around $210 million, is Presidium’s largest deal so far.
The Texas portfolio comprises six assets in Austin and two in Dallas. The Austin properties include four existing multifamily communities—Element, Solaris, Vue and Violet—a new multifamily development in progress and a retail center located at 2015 E. Riverside. The Austin community that’s currently under construction is a Class A property dubbed The Edison and is slated for completion in fall 2018. The Dallas assets are Villas at Tenison Park and The Thread. Most assets are located near major highways and shopping and entertainment venues.
Presidium Group rebranded and upgraded the multifamily communities’ interiors and common amenities, and improved the overall condition of the units. As part of its value-add strategy, Presidium plans to continue the renovations by completing additional unit upgrades and minimizing resident turnover.
Images from Yardi Matrix