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The Praedium Group Picks Up 291-Unit Apt. Complex in Grapevine

Mesirow Financial Sells Terrawood Community in Suburban Dallas
January 31, 2018
New York City-based investment firm The Praedium Group expanded its Texas portfolio with the purchase of Terrawood in suburban Dallas from Mesirow Financial. Terms of the deal were not disclosed.

Terrawood is a 291-unit apartment complex located minutes north of the 1.6 million-square-foot Grapevine Mills shopping center at 3225 N. Grapevine Mills Blvd. in Grapevine, TX.

Completed in 2010, the garden-style community consists of one-, two- and three-bedroom floorplans, ranging from 701 to 1,455 square feet, in four buildings. On-site amenities include a conference center, fitness center, private bark park, salt-water pool and a splash fountain.

Mesirow Financial, an independent financial services firm headquartered in Chicago, paid $47 million for the community back in late 2014, according to CoStar information.

“The property boasts strong demographics and is situated amongst one of suburban North Dallas’ highest-end single family residential neighborhoods; a submarket with high barriers to entry that has seen few deliveries since 2010 and has limited projected supply,” said Peter Calatozzo, managing director with The Praedium Group.

Please see CoStar COMPS # 4120593 for more information on this transaction.
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