DALLAS–Presidium Group LLC has acquired more than 1,650 apartment units throughout the state in a series of acquisitions over the last two months. The value of the portfolio exceeds $75 million.
The properties include: 3737 Hillcroft Apartments, a 381-unit complex in Houston; Colonial Woods, a 112-unit complex in Houston; Cenizo Flats, a 150-unit complex in San Antonio; Plaza on Harvest Hill, a 404-unit complex in Dallas; and Spring Hill Apartments, a 606-unit complex in Dallas.
“These five acquisitions are consistent with our strategy to invest in well-located properties in Texas’ major metropolitan markets,” Presidium co-chief executive officer Cross Moceri told GlobeSt.com. “While Texas is experiencing an aggressive real estate market, Presidium has been successful in securing deals by leveraging its strong reputation for quality property management and leadership in innovative sustainable technologies.”
Dallas-based Presidium Group will implement a repositioning program for each property that will revitalize the assets to compete within each submarket. The plans include various levels of unit interior renovations, resident amenity enhancements and common-area upgrades. Presidium will also rebrand the properties within the next few months.
Presidium has acquired 22 properties in Texas this year, including three properties in the Dallas-Fort Worth area.