Praedium Group and Fairfield Investment Company Acquire Hampton Hollow Apartments in Silver Spring, Maryland for $31 Million
240-Unit Multifamily Complex in DC Suburbs
New York, NY – March, 2011 -The Praedium Group, a New York City-based national real estate investment firm and Fairfield Investment Company, a multifamily management and development company are pleased to announce the joint venture acquisition of the Hampton Hollow Apartments, a 176,166 square-foot, 240-unit apartment building at 3408 Hampton Hollow Drive in Silver Spring, MD. Praedium acquired the multifamily apartment building for $31,000,000.
The previous ownership had focused on upgrading unit interiors, such as the refinishing of the kitchen counters, replacing cabinets, light fixtures, re-carpeting, in addition to roof maintenance and exterior painting. Other amenities in the units include private security systems, washer and dryer, fireplaces, and a private balcony or patio with built in storage units. The community amenities at Hampton Hollow feature a clubhouse with a full bar, resort-style swimming pool and Jacuzzi, a state of the art fitness center, picnic area, car wash and a recycling center.
According to Chris Hughes, Principal of The Praedium Group, "We are pleased with the acquisition of this strategically-located asset, which presents an attractive value-added opportunity to reposition the property and capitalize on strengthening market fundamentals."
As part of its ongoing investment strategy, Praedium continues to enhance the properties within its existing portfolio, while also identifying new opportunities for acquisition through The Praedium Fund VII, L.P., a $900 million real estate private equity fund with purchasing power of $3 billion. Currently, there is over $500 million available for investment through Praedium’s Fund VII.
About The Praedium Group The Praedium Group is a real estate investor focusing on under-performing and under-valued assets throughout North America, with over $7 billion in total investments to date in more than 275 transactions comprised of 45 million square feet of commercial space and 55,000 multifamily units. Praedium was formed in 1991 with a leading international investment bank as its sole investor. Building on the experience and exposure gained through this original investment program, Praedium has been a sponsor of commingled real estate private equity funds since 1994. The funds sponsored by Praedium have attracted investors that include public and corporate pension funds, financial institutions, insurance companies and endowments.
SITQ is a major shareholder of the Praedium Group. SITQ is a real estate investment, management and development firm with a portfolio specializing primarily in office buildings, business parks, hotels, multi-family residential buildings and residences for seniors. SITQ owns real estate assets of CAD $ 24 billion. A leader in the Canadian real estate industry, SITQ also owns assets in the United States, France, the United Kingdom and Germany.
SITQ is a real estate subsidiary of the Caisse de dépôt et placement du Québec. The Company employs more than 450 people in Montréal, home of its head office, and through its global network of subsidiaries in Canada, Europe and Asia. For more information: www.sitq.com.
For more information, please see www.praediumgroup.com.
