The Praedium Group has acquired Lenox Clear Lake, a 380-unit luxury community in Houston. OHT Partners sold the 2021-completed asset. This is the Praedium’s second buy in the Houston metro area.
Located at 15500 Middlebrook Drive, the property is less than 10 miles from the Kemah Boardwalk entertainment district, close to Armand Bayou Nature Center, with retail and dining options available only some two miles away, along the Bay Area Boulevard. The community is located approximately 2 miles from the Lyndon B. Johnson Space Center.
The property consists of traditional flats as well as two-story townhouse configurations. The apartments are equipped with modern kitchens and appliances, granite countertops, walk-in closets and washers and dryers. Common-area amenities include a fitness center, recreational lounge, pet spa and private workspaces, as well as outdoor spaces such as two swimming pools and an outdoor kitchen with fireplace.
Apart from its energy-centric side, Houston’s economy is being boosted by the commercial space industry, health-care and medical research, as well as the ongoing multibillion-dollar investment in the Texas Medical Center. The multifamily market has been expanding due to in-migration and employment opportunities, said Peter Calatozzo, Principal at Praedium, in a prepared statement. Despite some earlier drawbacks, the Houston multifamily market remains one of the country’s most sought-after by investors, with a record $10.4 billion in transactions recorded last year.