Berkadia announces it has arranged the sale of Lenox Clear Lake, a ­380-unit, Class A garden-style multifamily community in Houston, Texas. Senior Managing Directors Todd Marix and Chris Curry, Managing Directors Jeffrey Skipworth, Chris Young and Joey Rippel and Director Kyle Whitney of Berkadia Houston marketed the property on behalf of the seller OHT Partners, a multifamily developer based in Austin, Texas. The Praedium Group, a real estate investor based in New York City, acquired the property.

“Lenox Clear Lake is in a popular supply-constrained suburb with limited Class A product. It offered a unique opportunity for investors to acquire a low-density asset in one of Houston’s few submarkets with true barriers to entry,” said Marix “The local area boasts strong housing demand drivers in a diversified and robust local economy.”

Located at 15500 Middlebrook Drive, Lenox Clear Lake offers one-, two- and three-bedroom apartments ranging from 574 square feet to 1,721 square feet. Individual units feature 9-foot ceilings, vinyl plank-style flooring, granite countertops, gourmet kitchen prep islands, whirlpool stainless steel appliances, kitchen pantries, walk-in closets, framed mirrors, dual vanities, square soaking bathtubs, linen closets, full-sized washer and dryers, and private patios or balconies. The gate-controlled community amenities include a modern clubhouse, gourmet latte and tea lounge, private workspaces, a fitness center, game room, two resort-style pools, poolside cabanas with flat screen TVs, an outdoor fireplace, two dog parks, private jogging trails, a children’s playground, car wash area, storage units, covered boat storage, attached and detached parking spaces.

Lenox Clear Lake is in walking distance to the Boeing Corporate Campus, and it is near NASA’s Johnson Space Center, the Port of Houston, the HCA Houston Healthcare, Baybrook Mall, the Bay Oaks Country Club and Kemah Boardwalk.

The Praedium Group, a New York City-based national real estate investment firm, today announced the $60.4 million acquisition of Integra Cove Apartments in Orlando, FL. Developed in 2015, Integra Cove is among the newest assets in Orange County. Chris Hughes, Principal of The Praedium Group, made the announcement on the investment firm's most recent acquisition.

Integra Cove is ideally located within minutes of major attractions such as Sea World, Walt Disney World and Universal. These attractions service over 100,000 employees combined, and each plan to further expand in the near future. In addition, the Property is proximate to 50,000 hotel rooms and the MSA's major employment centers, including America's second largest convention center (2 miles away), The Mall at Millenia (8 miles away), and Downtown Orlando CBD (13 miles away).

Unit interiors feature 9'-10" ceiling-heights, 42" espresso colored cabinets, full-sized washers and dryers, granite countertops, and stainless steel appliances. Community amenities at the Property include a salt-water pool, grilling stations, landscaped courtyard, outdoor TVs, a 24-hour fitness studio with Crossfit, luxurious clubroom, billiards area, wireless café, dog-park, and elevator access.

According to AxioMetrics, Orlando has averaged over 5% annual rent growth in the past five years and is one of the top apartment rental markets in the country. "We feel confident in this market's continued growth as evidenced by the city's significant investment in transit infrastructure, including $2.3 billion in a 21-mile makeover to the region's main thoroughfare, Interstate 4, $1.6 billion in an expansion of the Orlando International Airport, and $615 million in Orlando's first commuter rail transit system," said Lindsay Schuckman, Associate of The Praedium Group.

 The Praedium Group, a New York City-based national real estate investment firm, today announced the $47.05 million acquisition of Miro Apartments in Santa Fe Springs, CA, part of the greater Los Angeles area. Miro, which was brokered by Tom Moran, Jr. and Mike Murphy of Moran & Company, was developed in 2015 and is the newest and nicest apartment community in Santa Fe Springs. The Property consists of nine buildings spread across 5.8 acres located at the center of the region's newest master planned community, Villages at Heritage Springs. Unit interiors feature 9' ceilings, washers and dryers, stainless steel appliances, granite countertops, and maple cabinets. In addition, each unit includes a one-car garage or carport. Community amenities at the Property include a resort-style swimming pool, modern clubhouse, and two BBQ areas. There is also a state-of-the-art fitness center with a yoga studio, spin bikes, and digital fitness on demand. The announcement was made by Asim Hamid, Managing Director of The Praedium Group.

"There is an extremely limited supply of multifamily in the area, and Miro Apartments is the only apartment community to be built in Santa Fe Springs in over 40 years," added Spencer Schlager, Analyst of the Praedium Group.

Miro's central location between downtown Los Angeles and Orange County positions it at the center of a broad range of employment opportunities throughout Los Angeles. Santa Fe Springs is also part of the Mid Counties region, one of the nation's major industrial hubs, which is home to over 118 million square feet of office and industrial space. Santa Fe Springs alone has 51 million square feet of industrial space, which accounts for 45% of Mid Counties' industrial market. Companies such as American Sportswear, Conway Freight, Crate & Barrel, and Trojan Battery Company all have operations in Santa Fe Springs. Other companies within the greater Mid Counties region include McMaster Carr, Coca-Cola, and UPS.