The Praedium Group Acquires Everly Apartments in Houston, TX
October 10, 2019
NEW YORK, Oct. 10, 2019 /PRNewswire/ — The Praedium Group, a New York based national real estate investment firm, announced the acquisition of Everly Apartments in Houston, TX. Peter Calatozzo, Principal of The Praedium Group, made the announcement of the investment firm’s most recent acquisition.
Constructed in 2018, Everly Apartments is comprised of four 2-story carriage home buildings, four 4-story apartment buildings, and two 3-story apartment buildings, with units ranging from 659 SF to 1,292 SF. Unit interiors include modern gourmet kitchens with stainless steel appliances, granite or quartz countertops, vinyl plank wood flooring, under-cabinet lighting, and custom wood cabinetry with designer hardware. The Property’s amenities include a resort style pool with private cabanas and poolside loungers, an indoor golf simulator, a fully equipped fitness center with fitness-on-demand, an outdoor beer garden, and a Wi-Fi lounge with private conference rooms.
“We continue to target the Houston MSA which has seen strong net in-migration, is home to over 3 million jobs and is the 5th most populated metro in the U.S,” said Mr. Calatozzo. “Houston’s diverse economy benefits from growth in healthcare, engineering, distribution and logistics, education and entertainment, as well as the energy sector.” Mr. Calatozzo continued, “the acquisition of Everly Apartments fits well within our strategy of purchasing high quality assets in growth markets. In addition, Everly provides an attractive rent for a new property with an expansive amenity set that is in close proximity to several of Houston’s major employment centers.”
Josh Kogel, Associate of the Praedium Group, adds, “The Property is located between the Westchase and the Galleria/Uptown Districts. The Property’s central location provides residents with easy access to multiple employment hubs and high-quality retail and entertainment options.” The Galleria/Uptown is 4-miles east of the Property and is Houston’s third largest business district. The mixed-use development spans over a combined 16 million SF of Class A office space, and houses 82,000 employees. The Westchase District is 3-miles west of the Property and contains 18.2 million SF of office space, 2.4 million SF of retail space, over 80,000 employees and 6 colleges/universities. The Energy Corridor, Houston’s second largest business district, is located only 7-miles northwest of the Property. The Energy Corridor is home to more than 300 companies, 19 million SF of office space, and over 95,000 employees.
There is ample retail within immediate walking distance of Everly Apartments, including a shopping center, grocery store and an AMC Studios movie center. Everly sits off of Westheimer Road which is a highly trafficked thoroughfare with numerous restaurants, department stores, and supermarkets. Additionally, the Galleria is a short drive away and is home to Neiman Marcus, Louis Vuitton, Macy’s, Nordstrom, Dillard’s, Saks Fifth Avenue, Tiffany & Co. and other high-end retail.
ABOUT THE PRAEDIUM GROUP
The Praedium Group is a privately-held real estate investment firm formed in 1991. Since inception, Praedium has completed over 370 transactions representing $12 billion of capital. Over the past 28 years, The Praedium Group has sponsored a series of ten 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.