By Keith Loria
The Praedium Group has acquired Terrawood, a 291-unit apartment community in Grapevine, Texas. The price and buyer were not disclosed, but according to Tarrant County public records, Praedium benefited from a $37.1 million loan.
“Terrawood fits Praedium’s philosophy of targeting high-quality properties with strong demographic profiles in areas which we expect to benefit from strong employment and population growth over the next few years,” Kelsey Durels, associate at The Praedium Group, told MHN.
Located at 3225 Grapevine Mills Blvd. N., Terrawood comprises one-, two- and three-bedroom units ranging in size from 701 square feet to 1,455 square feet.
Units feature expansive 10-foot ceilings, granite countertops, hand-scraped wood floors, stainless steel Energy Star appliances, side-by-side refrigerators with water and ice dispensers, full-size Whirlpool washer & dryers, walk-in closets with wood shelving and spacious balconies.
Community amenities include a glass-encased conference center, fitness center with premium cardio and free weights, private bark park, salt water pool, outdoor seating and kitchen area, and a splash fountain.
Built in 2010, the community is located in a highly desirable Dallas-Fort Worth suburb that boasts one of the top-ranked school districts in the state. The submarket has high barriers to entry that has seen few deliveries since 2010 and has limited projected supply.
In fact, according to Durels, the Dallas-Fort Worth market is showing some of the strongest population growth in the U.S. and benefits from robust employment growth, which has occurred across North Dallas, and is expected to continue in ensuing years.
The Praedium Group has completed more than 360 transactions representing approximately $10 billion of capital. Earlier this month, the company sold a 311,114-square-foot, 364-unit apartment community in Colorado Springs, Colo.
Image courtesy of The Praedium Group