Friday, February 06, 2015

Praedium Acquires Plano Multifamily Complex

PLANO--The 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.

The Praedium Group plans to make value-add amenity upgrades to the units' kitchens.

“The 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.”

Legends at 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.

“We have 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.”

This 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.


Anna Caplan, GlobeSt