The Praedium Group Successfully Leased Up Four Communities
Acquisitions in hot markets led to quick lease ups.
Woodview at Legacy Farms
New York—The Praedium Group has substantially completed the lease-up of four multifamily communities it acquired earlier this year, with properties located in Massachusetts, South Carolina, Oregon and California.
“All four properties were located in attractive markets with significant job-growth drivers,” Russ Appel, The Praedium Group’s president, told MHN. “According to AxioMetrics, one of two research firms we use, effective rents are growing faster in the suburbs than in urban markets.”
The multifamily property in Hillsboro, Ore., is 206 Apartments, a 203-unit Class A property, which consists of two four-story mid-rise elevator buildings and a clubhouse. Developed by West Hills Development, and acquired by The Praedium Group in June 2015, 206 Apartments features 10- to 12-foot ceiling heights. The community is situated in the Sunset Corridor, home to approximately 10 million square feet of office and industrial space, with the largest concentration of Oregon high-tech companies.
Woodview at Legacy Farms, located in Hopkinton, Mass., consists of 240 units, and was acquired in April 2015. The apartment community is in close proximity to a number of employers in the local market, including EMC Corporation, which employs more than 9,000 people. It’s also within 26 miles of the Boston MSA and the MBTA Commuter Rail.
Vineyards at Paseo del Sol, spread across 13.4 acres in Temecula, Calif., consists of 288 units and was acquired in July 2015. The LEED Gold property is just minutes from the area’s top employers and is also within a short distance of several retail amenities, including Starbucks, Stein Mart, Home Depot, Albertsons, Coffee Bean, Sports Authority and Sprouts Farmers Market.
Ansley Commons is a 270-unit multifamily property located in North Charleston, S.C., and was acquired in June 2015. The newly constructed multifamily project boasts Class A luxury garden-style apartment units on 17.9 acres of land. All units have 9-foot ceilings, crown molding, black appliances, and sizable walk-in closets. Amenities include a clubhouse, fitness center, cyber café, volleyball court and a resort-style swimming pool with water features.
“In the broad picture, demand for multi-housing continues to be very strong, as the economy provides more jobs for more people and we see more household formations,” Appel said. “The attractiveness of renting vs. owning compared to historical levels, continues to also be strong.”
