Dallas, TX— Presidium Group, LLC added two Dallas multifamily communities to its growing portfolio with the November 2016 acquisition of Cottonwood at Park Central (formerly known as Carlton Court) and Linear (formerly known as Linda Vista).
Cottonwood is a Class B community comprised of 270 apartment homes. The community was built in two phases – the first phase includes 200 units built in 1985 and second phase was built in 1995, adding another 70 units. The property features fifteen 3-story buildings constructed with traditional exteriors crafted from brick and Hardie plank siding. Presidium’s strategic renovation plan includes substantial interior and exterior improvements such as granite countertops, new appliances, renovated common areas, and new exterior paint throughout.
The 370-unit apartment community, Linear, is a garden-style community built in 1980 on 10.75 acres of land. The property consists of one and two-bedroom floorplans averaging 667 Sq. Ft. Presidium recognizes significant upside potential in upgrading unit interiors; the property will receive upgrades with new two-toned paint, black appliances, faux wood flooring, painted cabinetry with modern pulls, and an updated fixtures package. Additional value will be created through enhancing common area amenities.
Cottonwood and Linear are Presidium’s second and third acquisitions on Maham Road, and the group is eager to continue their improvements to this neighborhood. A long-time team member with Presidium, Cynthia Salinas, has collaborated with the District Attorney, Dallas Police Department and the Building Blocks organization since 2016 to bring various private and city-funded improvements to this submarket. These acquisitions mark Presidium’s eighth and ninth transactions of 2016.