Wednesday, December 03, 2014

New York investor buys Plano apartment community

(Legends at Chase Oaks)
The Legends at Chase Oaks overlook Watters Creek Golf Course.
A New York-based investor has purchased a large Plano apartment community.
The Praedium Group said it has purchased the Legends at Chase Oaks, a 346-unit rental community located on Legacy Drive near U.S. Highway 75.
Praedium said it plans to upgrade the apartments, which are located on the Watters Creek Golf Course.
With the latest purchase, the real estate investor now has six Texas properties with more than 1,800 apartments.
“The Southwest region is a major focus for our company and we feel very confident in this market’s continued growth,”  Praedium’s Mark Lippmann said in a statement.
Terms of the Plano purchase were not disclosed.
Praedium Group is a privately-held real estate investment firm that was formed in 1991. Since then the company has handled $9.5 billion in transactions including 70,000 multifamily units.
By Steve Brown  Dallas Morning News  stevebrown@dallasnews.com