The Spring Hill apartment property in Richardson totals 606 homes.
Dallas-based real estate investment and management firm Presidium Group LLC has bought more than 1,000 apartments in Dallas-Fort Worth, as the latest part of a series of apartment acquisitions throughout Texas. Terms of the acquisitions were undisclosed.
In Dallas-Fort Worth, Presidium bought the Spring Hill Apartments in North Dallas totaling 606 apartment homes and the Plaza on Harvest Hill in North Dallas near LBJ Expressway totaling 404 homes.
In the next few months, the Dallas-based company plans to rebrand the two North Texas properties, as well as upgrade the interiors and exteriors of the communities. The financial details of the renovations have yet to be determined.
The property makeovers will include resurfacing countertops, replacing old appliances, installing new flooring, shower tile and paint. Other renovations include redoing the pool areas, clubhouses and landscaping.
At the Plaza on Harvest Hill, Presidium also plans to install solar panels to reduce electricity consumption.
Presidium co-Chief Executive Officer Cross Moceri said the company expects the renovations to create an immediate rental upside for the ownership group. The Dallas-Fort Worth properties were bought in off-market deals.
In Dallas-Fort Worth, the company now owns and operates more than 4,500 apartment homes. In Texas, the number has grown to 11,000 apartments, which includes these recent acquisitions:
• 381-unit apartment complex named 3737 Hillcroft Apartments in Houston.
• 150-unit apartment complex named Cenizo Flats in San Antonio.
• 112-unit apartment complex named Colonial Woods in Houston.