Praedium Group Buys Houston Multifamily Complex, Market briefs

Discovery at Mandolin

In Houston, The Praedium Group, a New York City-based national real estate investment firm, has purchased the Discovery at Mandolin Apartments in northwest Houston.

The 260-unit apartment project is located on Highway 249 near Cypresswood.

“The Houston market is experiencing a significant deceleration in multifamily deliveries, and the Cypress/Fairbanks submarket in which Discovery is located has no projects under construction in the near term. As a result, the area is slated to see above national average rental growth over the next five years,” said Peter Calatozzo, Managing Director of The Praedium Group.

Built in 2009, Discovery at Mandolin consists of 10, three-story apartment buildings and one clubhouse/leasing office. The property’s unit mix consists of one-, two-, and three-bedroom homes with an average size of 972 SF.