The Praedium Group has expanded its Lone Star State portfolio with the acquisition of two multifamily communities in less than a month.
The New York-based real estate investor has purchased Lenox Grand Crossing, a newly constructed 330-unit development in Katy, and the newly constructed 347-unit Norra in Lewisville.
“Suburban growth markets throughout Texas continue to be some of the most dynamic housing markets in the country, and Praedium continues to seek quality investment opportunities in the region,” said principal Peter Calatozzo.
Katy, in the Greater Houston market, has seen strong population growth, and employment is expected to grow 20.3% by 2024.
“Katy is a high-quality suburb that has seen material population growth over the last two decades,” said Calatozzo. “Between February and July 2020, Katy saw the highest net migration of any U.S. city, according to USPS change-of-address request data.”
Lenox Grand Crossing was built in 2020 and is comprised of eight three-story and two two-story townhome buildings. Interiors include modern gourmet kitchens with stainless steel appliances, granite countertops, vinyl plank flooring, full-sized washers and dryers, tile backsplashes, walk-in closets, USB outlets in kitchens, LED lighting, and ceiling fans in living areas and bedrooms.
The highly amenitized community features a modern clubhouse and leasing office; a community work lounge with private offices and a conference room; a fitness center with on-demand classes and spin bikes; a recreational lounge with shuffleboard, a pool table, and bar seating; a pet spa; and package lockers with cold storage capability. Outdoors, it includes two pools; cabanas with TVs and ceiling fans; a poolside pavilion with built-in gas grills; an outdoor fireplace; two enclosed dog parks; and access to a walking trail around a lake.
“The combination of retail and restaurant walkability, access to an award-winning school system, and proximity to employment opportunities further enhance Lenox Grand Crossing’s desirability to residents,” added Josh Kogel, vice president at The Praedium Group.
Lewisville, centrally located between downtown Dallas and downtown Fort Worth and near several major employment hubs, is another expanding Texas market.
“This area has seen tremendous growth over the last decade and has consistently led the nation in both job and population growth,” said Calatozzo. “We believe that Norra’s proximity to these two major markets and several major employment centers will allow the property to benefit from the growth occurring throughout the DFW metroplex.”
Norra offers a low-density living environment with only 13 units per acre. Built this year, it also features modern gourmet kitchens with stainless steel appliances, granite countertops, vinyl plank flooring, full-sized washers and dryers, tile backsplashes, walk-in closets, and ceiling fans in living areas and bedrooms.
Indoor amenities include a modern clubhouse and leasing office; a community work lounge with private offices and a conference room; a fitness center with on-demand classes; a recreational lounge with a kitchen, a dining room, and bar seating; and package lockers. A resort-style pool with a tanning ledge and a plunge pool, an enclosed dog park, a dog wash, a propane fire table, a grilling deck, and access to a walk trail complete the outdoor amenities.
