Source: The Praedium Group / #Apartments #Multifamily
DALLAS, TX - The Praedium Group, a New York City-based national real estate investment firm, today announced the sale of Legends at Chase Oaks in Dallas, TX. The property was acquired in 2014. The announcement was made by Peter Calatozzo, Managing Director of The Praedium Group.
Built in 1997, this low-density property is surrounded on three sides by Watters Creek golf course and has access to the highly rated Plano Independent School District. The property consists of 32 two-story buildings with a majority of the units having direct access garages.
Praedium successfully executed a comprehensive capital upgrade program targeting both the common areas and the unit interiors. Praedium modernized the clubhouse by installing new hardwood flooring throughout, adding new furniture, art and light fixtures, and completing a remodel of the leasing offices, clubhouse bathrooms and demonstration kitchen.
This renovation also included installing an outdoor fire-pit and pool-side lounge area, expanding the equipment in the fitness center and repurposing a maintenance shed into a "Wellbeats" virtual fitness studio. Praedium renovated over 20% of the unit interiors by installing stainless steel appliances, granite countertops, faux wood floors, updated hardware, modern lighting and two-inch blinds.
With the sale of Legends at Chase Oaks, Praedium has now fully liquidated Praedium VIII Multifamily Value Fund, L.P., its eighth flagship investment vehicle which was comprised of 19 properties totaling 5,200 units and had a total cost of approximately $1 billion. Praedium VIII was comprised of properties constructed from 1997 to 2015, and the Fund was invested between 2013 and 2016, across 16 different markets throughout the United States.