NEW YORK, Dec. 1, 2015 /PRNewswire/ -- The Praedium Group, a New York City-based national real estate investment firm, has substantially completed the lease-up of four multifamily communities it acquired earlier this year located in Massachusetts, North Carolina, South Carolina, Oregon and California.
"We continue to see strong demand in the apartment sector, and all four of these properties have attractive suburban locations near job generators. According to AxioMetrics, one of two research firms we use, effective rents are growing faster in the suburbs than in urban markets," said Russ Appel, president of The Praedium Group.
Praedium recently completed a substantial lease-up of the following residential communities:
- Woodview at Legacy Farms (formerly Alta Legacy Farms) is a 240-unit multifamily property located in Hopkinton, MA which Praedium acquired in April 2015. The complex is located within 26 miles of the Boston MSA along the Mass Pike (I-90) and the MBTA Commuter Rail, which provides residents access to downtown Boston. Additionally, Woodview at Legacy Farms is in close proximity to a number of employers in the local market, including EMC Corporation, which employs more than 9,000 people.
- 206 Apartments is a 203-unit multifamily property located in Hillsboro, OR. The Class "A" property consists of two four-story mid-rise elevator buildings and a clubhouse. 206 Apartments, developed by West Hills Development, features 10' to 12' ceiling heights. Praedium purchased the property directly from the developer in June 2015. 206 Apartments is ideally situated in the Sunset Corridor in Hillsboro, home to approximately 10 million SF of office and industrial space, with the largest concentration of Oregon high-tech companies. The property is near an abundance of jobs, retail, restaurants, entertainment, and outdoor activities, as well as easily accessible to downtown.
- Vineyards at Paseo del Sol is a 288-unit multifamily property located in Temecula, CA spread across 13.4 acres. Praedium acquired this LEED Gold property in July 2015 from The Dinerstein Companies (TDC), the original developer of the Property. Vineyards at Paseo del Sol is located on the northern side of Hwy 79 (Temecula Pkwy), just minutes from the area's top employers (Temecula Valley Hospital, Abbot Vascular, Golden West Biologicals, Steris Isomedix, Temecula Valley School District, and Pechanga Resort & Casino). The multifamily complex is also within a short distance of several retail amenities, including Starbucks, Stein Mart, Home Depot, Albertsons, Coffee Bean, Sports Authority, and Sprouts Farmers Market.
- Ansley Commons is a 270-unit multifamily property located in North Charleston, SC. Praedium purchased the complex in June 2015. Ansley Commons was originally developed by a partnership between Mesa Capital Partners and Hathaway Development Partners. The newly constructed multifamily project boasts Class "A" luxury garden-style apartment units on 17.9 acres of land. All units have nine-foot ceilings, crown molding, black appliances, and sizable walk-in closets. Amenities include a clubhouse, fitness center, cyber café, volleyball court, and a resort-style swimming pool with water features. The site is conveniently located near the intersection of Interstate 26 and Highway 78, providing easy access to retail and major employers, including Boeing, Daimler AG, Joint Base Charleston, and Trident Medical Center.
About The Praedium Group
The Praedium Group is a privately-held real estate investment firm focusing on under-performing and under-valued assets throughout the United States. The Praedium Group was formed in 1991 and since inception has completed over 350 transactions representing approximately $10 billion of capital, including 73,000 multifamily units and nearly 44 million square feet of commercial space. Over the past 25 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.
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SOURCE The Praedium Group