Dallas-based Presidium Group has acquired two apartment complexes in the Galleria area: the 381-unit 3737 Hillcroft Apartments and the 112-unit Colonial Woods apartments at 6333 Windswept.
These two acquisitions represent a unique opportunity to acquire value-add assets in one of the best performing metropolitan areas in the world,” Presidium co-chief executive officer Cross Moceri said in an announcement. Our proven value enhancement program will transition these properties into high quality apartment complexes.
Colonial Woods is 100 percent occupied and 3737 Hillcroft is 90 percent occupied.
Constructed in 1970, 3737 Hillcroft has been renovated over the past 10 years. Presidium plans to upgrade the unit interiors with new appliances, faux wood flooring, nickel tone fixtures, a two-tone paint scheme, and new toilets and bathtubs. Exterior improvements will include modernizing the clubhouse and leasing centers along with renovating the pool area and landscaping. Similar improvements are planned at Colonial Woods, which will be rebranded within the next few months.
Presidium Group owns and operates more than 11,000 apartment units throughout Texas. Its Houston portfolio also includes Courtyard Manor (now called the Alara), Trails at Dominion, Alora Apartment Homes, Country Club Place and the Retreat at Cypress Station.