HOUSTON, TX – The Praedium Group, a New York based national real estate investment firm, announced the acquisition of Everly Apartments in Houston, TX. Peter Calatozzo, Principal of The Praedium Group, made the announcement of the investment firm’s most recent acquisition.

Constructed in 2018, Everly Apartments is comprised of four 2-tale carriage home buildings, four 4-tale apartment buildings, and two 3-tale apartment buildings, with units ranging from 659 SF to 1,292 SF. Unit interiors include modern gourmet kitchens with stainless steel appliances, granite or quartz countertops, vinyl plank wood flooring, under-cabinet lighting, and custom wood cabinetry with designer hardware. The Property’s amenities include a resort style pool with private cabanas and poolside loungers, an indoor golf simulator, a fully equipped fitness center with fitness-on-demand, an outdoor beer garden, and a Wi-Fi lounge with private conference rooms. 

“We continue to target the Houston MSA which has seen strong net in-migration, is home to over 3 million jobs and is the 5th most populated metro in the U.S,” said Mr. Calatozzo. “Houston’s diverse economy benefits from growth in healthcare, engineering, distribution and logistics, education and entertainment, as well as the energy sector.” Mr. Calatozzo continued, “the acquisition of Everly Apartments fits well within our strategy of purchasing high quality assets in growth markets. In addition, Everly provides an attractive rent for a new property with an expansive amenity set that is in close proximity to several of Houston’s major employment centers.”   

Josh Kogel, Associate of the Praedium Group, adds, “The Property is located between the Westchase and the Galleria/Uptown Districts. The Property’s central location provides residents with simple access to multiple employment hubs and high-quality retail and entertainment options.” The Galleria/Uptown is 4-miles east of the Property and is Houston’s third largest business district. The mixed-use development spans over a combined 16 million SF of Class A office space, and houses 82,000 employees. The Westchase District is 3-miles west of the Property and contains 18.2 million SF of office space, 2.4 million SF of retail space, over 80,000 employees and 6 colleges/universities. The Energy Corridor, Houston’s second largest business district, is located only 7-miles northwest of the Property. The Energy Corridor is home to more than 300 companies, 19 million SF of office space, and over 95,000 employees. 

There is ample retail within immediate walking distance of Everly Apartments, including a shopping center, grocery store and an AMC Studios movie center. Everly sits off of Westheimer Road which is a highly trafficked thoroughfare with numerous restaurants, department stores, and supermarkets. Additionally, the Galleria is a small drive away and is home to Neiman Marcus, Louis Vuitton, Macy’s, Nordstrom, Dillard’s, Saks Fifth Avenue, Tiffany & Co. and other high-end retail.

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SAN ANTONIO, TX – Kairoi Residential was selected by Passco Companies, LLC to manage Tribute at the Rim in San Antonio, Texas. The 380-unit luxury community was developed and built by Kairoi and reached stabilized occupancy earlier this year and well ahead of budget. When Passco bought the asset, they questioned Kairoi to continue to manage Tribute.

“Kairoi builds a gorgeous product and nailed the market with Tribute,” according to Shelli Cusack, Vice President Multifamily Investment & Analytics with Passco. “The location and walkability are a real advantage, but the property has outperformed other lease-ups in the same area. It shows the mark Tribute has made in the market.”

The community is located in a shopping, dining and retail center known as The Rim. Amenities tie into the area’s upscale offerings with an infinity pool, 24-hour health club facility, fourth-floor sky lounge, community backyard with hammocks and grills and top-end interior finishes.

Passco owns nearly 14k multifamily apartments and wasn’t looking to partner with another 3rd party management company, but that changed when visiting Tribute. “As soon as I walked in, there was so much energy in the office we just went ‘wow’. The team was so impressive, that when I left I thought this would be a fantastic investment if we keep Kairoi. They made the community successful and I was concerned that if we switched management and changed the dynamic, we’d take a huge hit from a performance standpoint,” said Cusack.

“We just started offering 3rd Party management this year,” said Kari Warren, Executive Vice President of Property Management for Kairoi. “We had a winning formula and found that we were a excellent fit with forward-thinking companies such as Passco. They see the value in our approach of not managing assets at scale, but rather acting as a steward for each community on an individual basis. We’ve found we can get better returns for unique, high-end communities with our approach.”

And the formula is working. “Working with Kairoi is turning out to be a fantastic fit. They are always looking forward instead of the rearview mirror. You don’t see that often,” said Cusack.

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RICHMOND, VA – ROSS Companies, a leader in multifamily acquisitions, property management and renovation, announced it has bought Hampstead Apartments, a 98-unit community in Richmond, VA.

ROSS Companies has begun to use a $3MM repositioning and rebranding program for the community, which includes renovating the apartments in an effort to meet consumer desires for new contemporary housing in a well loved, convenient location. 

Hampstead Apartments (which will be rebranded under a new name) is nestled in a newly developed section of Richmond called Libbie Mill – Midtown. Libbie Mill – Midtown is an 80-acre mixed-use space offering retail, restaurants, offices, trails, and a world-class library.

“Given its prime location, Hampstead Apartments is an exciting investment opportunity for us” said Dave Miskovich, CEO of ROSS Companies. “We believe the extensive capital improvements program that we will be undergoing will place Hampstead Apartments directly in line with the demands of today’s savvy apartment consumer, who are seeking sophisticated, highly functional apartments.”

This 98-unit community consists of 2-bedroom apartments. Renovation will include making an open living, dining, kitchen concept, installing luxury plank flooring, and completely new kitchens and bathrooms. There will also be wide-spread exterior upgrades to the building fascia, landscaping and signage.

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