The Class "A" 300-unit garden style apartment community, Pine Prairie Apartments in the Dallas/Fort Worth metropolitan area, was announced to be acquired by the New York City-based national real estate investment firm, The Praedium Group.
"Corporate relocations have led to the addition of 15,000 new jobs to the Lewisville and Plano areas, and Pine Prairie's proximity to employment drivers, combined with its comprehensive amenity package make the property an attractive new addition to our portfolio," said Spencer Schlager of The Praedium Group.
According to their press release in PR Newswire, the Pine Prairie Apartments was built in 2014 and is directly off the six-lane Sam Rayburn Tollway / State-Highway 121. This Class A luxury multi-family community has 296 apartment units and four townhome-style residences. It offers amenities such as a laundry facility, a luxurious clubhouse with a fireplace and kitchen, an internet café, a resort-style swimming pool with fountains, outdoor BBQ grill stations, and a state-of-the-art fitness center.
"The property's extensive amenities should make it highly desirable for residents in the marketplace," said Kelsey Durels of The Praedium Group. "Lewisville is in the center of a dynamic growth area with large employers such as the Plano, Lewisville, and Frisco school districts, Berkshire Hathaway's Nebraska Furniture Mart, HP Enterprise Services, Bank of America, Capital One, Toyota, PepsiCo, Frito-Lay, and the future Liberty Mutual and FedEx headquarters."
Most of the units in Pine Prairie features nine-foot ceilings, black appliances, European-style cabinetry, and full-size washer/dryer connections, while a few select units has 13-foot vaulted ceilings, attached garages, outdoor terraces or balconettes, and vinyl wood-plank flooring.
The Praedium Group is a privately-held real estate investment firm formed in 1991. Over the past 25 years, The Praedium Group has sponsored a series of eight private equity funds, as well as several separate investment vehicles, and has invested approximately $10 billion of capital on behalf of its clients. The co-mingled funds and separate accounts sponsored by Praedium have attracted investors that include public and corporate pension funds, financial institutions, insurance companies, foundations and endowments.
