Everything you wanted to know about the Urban Core, Uptown and Downtown Dallas, Texas & Dallas Ft. Worth Area Real Estate - Its growth, prosperity, setbacks and unprecedented revitalization is told here...Randall Turner of Harvard Companies, Inc 214-373-0007, 3500 Oak Lawn Avenue, Suite 325, Dallas, Texas 75219
Friday, February 06, 2015
Praedium Acquires Plano Multifamily Complex
Praedium Group, a New York City-based real estate investment firm, has acquired
Legends at Chase Oaks, a 346-unit luxury multifamily complex located in Plano.
Group plans to make value-add amenity upgrades to the units' kitchens.
southwest region is a major focus for our company and we feel very confident in
this market’s continued growth,” says Praedium’s Mark Lippmann. “The rapid job
expansion of two nearby employment centers – Legacy Business Park and the
telecom corridor – is driving demand for quality housing options, and Legends
at Chase Oaks is well-positioned to benefit from these trends.”
Chase Oaks is a garden-style apartment community surrounded on three sides by
Watters Creek Golf Course. The community boasts a high percentage of units with
direct-access garages and features a low-density site plan with ten units per
acre. The complex is composed of large, one-, two- and three-bedroom homes with
nine-foot ceilings, walk-in closets and connections for full-size washers and
dryers. While Praedium is planning to invest in a number of capital
improvements including unit upgrades with high-end interior renovations and
finishes, current amenities include a recently renovated clubhouse with
business center and 24-hour fitness center and resort-style pool.
outlined a repositioning plan that will focus on delivering high-quality unit
finishes, including granite counter tops and stainless appliances along with
enhanced amenities,” Lippmann told GlobeSt.com. “These finishes will be in line
with new class A comps, but we’ll be able to deliver a compelling value
proposition to renters.”
investment expands the company’s portfolio in Texas, now totaling six
properties with more than 1,800 units. In July 2012, Praedium -- along with San
Antonio-based Internacional Realty -- purchased The Residences at the
Collection, a 312-unit residential property in Carrollton.