PARTNERS GROUP RECAPITALIZES EIGHT TEXAS ASSETS - THE LARGEST DEAL IN PRESIDIUM’S HISTORY
Austin, TX—Presidium Group, LLC partnered with Partners Group, a worldwide leader in global private markets investment, to recapitalize Presidium’s eight-property portfolio (seven existing properties, and one new development in progress). This transaction is valued at approximately $210,000,000 making it the largest in Presidium’s history.
Partners Group, one of the largest private markets investment managers in the world, has 60 billion in assets under management and more than 1,000 professionals across 19 offices worldwide.
This portfolio consists of six assets in Austin, Texas and two assets in Dallas, Texas. Of the six assets in Austin, four are existing multifamily assets (Element, Solaris, Vue, and Violet), one is a new multifamily development in progress, and one is an existing retain center (2015 E. Riverside). Both Dallas assets are existing multifamily communities; Villas at Tenison Park and The Thread.
Presidium’s Class A development project, The Edison (Austin, Texas), is currently under construction on East Riverside Dr. and will be delivered in Fall of 2018.
As part of its value-add repositioning plan, Presidium Group has implemented upgrades to the multifamily properties’ interiors and common amenities, rebranded the properties and improved the overall condition of the apartments. Presidium will continue to build value on these existing multifamily assets by completing additional unit upgrades and continuing to minimize resident turnover.
Most of the properties are located near major highways and a wide variety of commerce and entertainment, making them attractive to prospective residents.