Praedium Group Acquires Houston Property, Market briefs

Everly apartments in Houston have been sold.

In Houston, The Praedium Group, a New York based national real estate investment firm, purchased the 387-unit Everly Apartments in west Houston.

The property, 2827 Dunvale, was developed in 2018 by the Walter Embrey organization of San Antonio. It is just south of Westheimer Road, near the AMC Studio 30 movie theater.

“We continue to target the Houston MSA which has seen strong net in-migration, is home to over 3 million jobs and is the fifth most populated metro in the U.S,” said Peter Calatozzo, principal of Praedium Group. “Houston’s diverse economy benefits from growth in healthcare, engineering, distribution and logistics, education and entertainment, as well as the energy sector. The purchase 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.”

Everly Apartments is comprised of four 2-story carriage home buildings, four 4-story apartment buildings, and two 3-story apartment buildings, with units ranging from 659 SF to 1,292 SF.

The Praedium Group, formed in 1991, has completed over 370 transactions representing $12 billion of capital.