Praedium Acquires $500M in Assets During First Half
of 2011
Praedium Fund VII Purchases 3,600 Residential Units and Six Distressed Loan Assets
New York, NY – August 9, 2011 -The Praedium Group, a New York City-based national real estate investment firm and currently one of the more active investors across the country, has acquired assets valued at $500 million in the first half of 2011. The acquisitions were made through Praedium’s Fund VII, which seeks investments in multifamily, office, retail and industrial markets nationally. During this period, Praedium focused mainly on multifamily and defaulted debt.
"Since the beginning of the year, we have been actively identifying and acquiring strong assets in solid markets across the country. Our strategic investment approach continues to focus on value-add real estate acquisitions, as well as distressed debt and recapitalization opportunities," said Russ Appel, president of The Praedium Group. "Our extensive relationships in the industry have brought us many of these deals, and our ability to move quickly enabled us to close on these transactions."
Praedium added 3,600 units of residential real estate to its portfolio in the first six months of 2011. Most recently, Praedium made an $18.5 million preferred equity investment as part of a recapitalization of Ave Union, a 227-unit apartment complex in Union, NJ. Other acquisitions during the past six months include Parkview Terrace Apartments in Redlands, CA; Skyline Heights in Daly City, CA; Shenandoah Apartments in Shakopee, MN; Farms at Cool Springs in Franklin, TN; Hidden Creek in Lewisville, TX; Heritage on the Merrimack in Bedford, New Hampshire; Hampton Hollow in Silver Springs, MD; and Sunset View Apartments in Oceanside, CA.
Praedium also successfully acquired six defaulted loan assets in the past six months.
As part of its ongoing investment strategy, Praedium continues to actively 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.
About The Praedium Group The Praedium Group is a real estate investor focusing on under-performing and under-valued assets throughout North America, with $8 billion in total investments to date in more than 300 transactions comprised of 50 million square feet of commercial space and 60,000 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.
For more information, please see www.praediumgroup.com.
