CoStar Features Arlington Commons Transaction
FEBRUARY 06, 2019|CRAIG DONAHUE
New York Investment Firm Buys Arlington Commons
A New York-based investment firm purchased a 353-unit apartment complex in Arlington, Texas, dubbed Arlington Commons, for an undisclosed price.
The Praedium Group acquired the complex from The Nehemiah Co., which developed Arlington Commons. Nehemiah broke ground on property in 2016 and completed construction this past year.
Located at 425 E. Lamar Blvd., the mid-rise complex consists of a four-story building with an attached parking garage. Arlington Commons offers a mix of one- and two-bedroom floorplans, ranging in size from 580 to 1,418 square feet.
“The acquisition of this property fits well within our strategy of purchasing quality assets in growth markets,” Peter Calatozzo, managing director at The Praedium Group, said in a statement. “The Dallas-Fort Worth metroplex continues to experience substantial population growth and strong employment gains, which have been and continue to be facilitated by a significant number of corporate relocations and expansions within the MSA.”
Bob Helterbran and Lew Wood of Younger Partners Dallas LLC brokered the deal on behalf of the seller.