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Friday, May 23, 2014
Presidium Group Adds 1,700 Units to Portfolio
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“These properties were attractive due to the off-market nature of four of the deals, as well as the value add potential,” Moceri says.
DALLAS–Presidium Group has expanded its multifamily portfolio by 1,700 units through a variety of deals that closed in April. The total portfolio is valued at more than $70 million. The majority of the properties were purchased in off-market transactions.
The new properties include: Rayo Del Sol, a 388-unit complex in San Antonio; Villages of Cinnamon Creek, a 348-unit complex in San Antonio; Villas of White Rock, a 442-unit complex in Dallas; Live Oak Bend, a 252-unit complex in Houston; and Courtyard Manor, a 154-unit complex in Houston.
“These properties were attractive due to the off-market nature of four of the deals, as well as the value add potential,” Cross Moceri, co-CEO of Presidium Group, tells GlobeSt.com. “Additionally, the Villages of Cinnamon Creek property affords the ability to easily reconfigure large three bedrooms into one bedroom and efficiencies, allowing for higher rent/square foot.”
Presidium Group will renovate the properties with interior and exterior renovations in order to reposition them within the market. Each property will also be rebranded. Work will begin in the next two months with exteriors completed within the next nine months and the interiors done in 18 months.
“Each property has a different renovation plan, but all five properties will receive value-add upgrades,” Moceri says. “These upgrades will include new unit fixtures, plumbing, lighting fixtures and appliances as well as new paint schemes. We anticipate installing a wide range of eco-friendly fixtures at these properties, including solar panels, low-flow water conservation devices and potentially natural gas turbines.”
With these purchases, Presidium Group now owns more than 8,500 units in Austin, Dallas,Houston, San Antonio and Waco. But Moceri says the company is looking for even more acquisitions, with a target of $250 million in multifamily purchases in 2014.