Praedium Group Acquires Houston Multifamily Complex
Discovery at Mandolin
HOUSTON – The Praedium Group, a national real estate investment firm based in New York City, has completed the acquisition of Discovery at Mandolin Apartments, a 260-unit community in northwest Houston.
Located along Highway 249 near the Cypresswood area, the property adds a substantial presence to Praedium’s multifamily portfolio in a market showing tightening supply dynamics.
“The Houston market has seen a marked slowdown in new multifamily deliveries, and the Cypress/Fairbanks submarket where Discovery sits currently has no near-term developments under construction. Given that limited pipeline, the submarket is positioned to outperform the national average in rent growth over the next five years,” said Peter Calatozzo, Managing Director of The Praedium Group.
Constructed in 2009, Discovery at Mandolin comprises ten three-story apartment buildings plus a clubhouse and leasing office. The community offers a mix of one-, two-, and three-bedroom residences with an average unit size of 972 square feet, appealing to a range of renter demographics.
