The Praedium Group, a New York City-based national real estate investment firm, has acquired Houston, Texas-based Discovery at Mandolin Apartments. No financial terms were disclosed. The apartment property consists of 10, three-story apartment buildings and one clubhouse/leasing office.
NEW YORK, June 25, 2018 /PRNewswire/ — The Praedium Group, a New York City-based national real estate investment firm, today announced the acquisition of Discovery at Mandolin Apartments in Houston, TX. Peter Calatozzo, Managing Director of The Praedium Group, made the announcement of the investment firm’s most recent acquisition.
Discovery at Mandolin
“This is an exciting opportunity for Praedium, as we were able to purchase the asset at an attractive basis relative to replacement cost, in a market with favorable supply and demand dynamics,” said Calatozzo. “The Houston market is experiencing a significant deceleration in multifamily deliveries, and the Cypress/Fairbanks submarket in which Discovery is located has no projects under construction in the near term. As a result, the area is expected to see above national average rental growth over the next five years.”
Mr. Calatozzo continued, “the acquisition of Discovery at Mandolin fits well within our strategy of purchasing high quality assets in growth markets. Harris County continues to be one of the fastest growing counties in the U.S. and job growth projections for the Houston MSA remain strong.”
“As part of our business plan, we intend to implement a capital improvement program which involves upgrading the common areas and unit interiors in order to enhance the tenant experience at the property,” added Justin Berardino, Analyst of the Praedium Group.
Built in 2009, Discovery at Mandolin consists of 10, three-story apartment buildings and one clubhouse/leasing office. The Property’s unit mix consists of one-, two-, and three-bedroom homes with an average size of 972 square feet. The apartments have nine-foot ceilings, kitchen islands, walk-in closets, and full-size washers and dryers. Residents enjoy a diverse amenity package consisting of a resort style swimming pool, fitness center with fitness on demand, dog park with washing station, clubhouse with media room and cyber café, and an outdoor grilling station with TV.
Discovery at Mandolin is located in suburban Northwest Houston and offers residents convenient access to nearby retail, including Vintage Park Shopping Village (a lifestyle shopping center with over 20 restaurants and 17 high end retailers), Whole Foods, and Willowbrook Mall, and a diverse set of employers across the healthcare, energy, technology, and higher education industries. The Property is part of the highly rated Cypress-Fairbanks Independent School District. Discovery at Mandolin boasts high drive-by visibility due to its location near Tomball Parkway, with connectivity to the greater Houston MSA via the Sam Houston Tollway, Interstate 45, and the Grand Parkway.
ABOUT THE PRAEDIUM GROUP
The Praedium Group is a privately-held real estate investment firm formed in 1991. Since inception, Praedium has completed over 360 transactions representing over $10 billion of capital. Over the past 27 years, The Praedium Group has sponsored a series of eight private equity funds, as well as several separate investment vehicles. The commingled funds and separate accounts sponsored by The Praedium Group have attracted investors that include public and corporate pension funds, financial institutions, insurance companies, foundations and endowments. For more information, please visit www.praediumgroup.com