{"id":1004094543,"date":"2014-04-11T13:03:07","date_gmt":"2014-04-11T21:03:07","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=253689"},"modified":"2020-05-10T22:51:01","modified_gmt":"2020-05-11T06:51:01","slug":"presidium-group-nessel-development-jv-purchases-off-market-multifamily-community-in-north-houston","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/presidium-group-nessel-development-jv-purchases-off-market-multifamily-community-in-north-houston\/","title":{"rendered":"Presidium Group, Nessel Development JV Purchases Off-Market Multifamily Community in North Houston"},"content":{"rendered":"<p style=\"text-align: justify;\"><em>By Amalia Otet, Associate Editor<\/em><\/p>\n<p style=\"text-align: justify;\">As one of the 10 fastest growing cities in the U.S., Houston continues to attract major investors striving to capitalize on the high demand for multifamily product. Dallas-based Presidium Group LLC is the latest to achieve a purchase, having acquired <a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/04\/Live-Oak-Bend-Exterior-Close-Up.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-253690\" title=\"Live Oak Bend - Exterior Close Up\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/04\/Live-Oak-Bend-Exterior-Close-Up.jpg\" alt=\"\" width=\"300\" height=\"214\" \/><\/a>Live Oak Bend Apartments, a 252-unit multifamily community in North Houston. The purchase was structured as a joint venture with Nessel Development, also of Dallas.<\/p>\n<p style=\"text-align: justify;\">Presidium plans to kick off a major renovation project as part of its strategy to rebrand and reposition the property. Highlights include upgrading of the units\u2019 interior hardware, plumbing, lighting fixtures and appliances, as well as refurbishment of building exteriors, amenities and common areas.<\/p>\n<p style=\"text-align: justify;\">&#8220;Live Oak Bend is a well-maintained off-market opportunity that we are purchasing at a significant discount to replacement cost,&#8221; said Presidium co-CEO Cross Moceri in a written statement. &#8220;The current property\u2019s performance is positive, but also affords the upside potential to significantly increase rental income through value-add renovations.&#8221;<\/p>\n<p style=\"text-align: justify;\">Located at 1351 Greens Parkway, the  garden-style community offers a mix of one- and two-bedroom rental apartment homes in a beautifully landscaped neighborhood. Amenities include a swimming pool, tennis court, basketball court, volleyball court, picnic areas with tables and barbecues, fitness center and business center. The Live Oak Bend complex is easily accessible to I-45 and Beltway 8; it is also close to Bush Intercontinental Airport and Northwest Medical Center.<\/p>\n<p style=\"text-align: justify;\">Founded in 2002, Presidium Group is a vertically integrated diversified real estate investment and management firm specializing in opportunistic and value-added transactions throughout the United States. Presidium currently owns and operates more than 7,500 apartment units in Austin, Dallas, Houston, San Antonio and Waco. Its Houston portfolio encompasses more than 3,000 apartment units, according to official statements.<\/p>\n<p style=\"text-align: justify;\">Click <a title=\"MARKET SNAPSHOT: Demand in Houston Remains Strong as Economy Prospers\" href=\"https:\/\/www.multihousingnews.com\/market-data\/market-snapshot-demand-in-houston-remains-strong-as-economy-prospers\/1004096916.html\" rel=\"nofollow\">here<\/a> for further Houston market data.<\/p>\n<p style=\"text-align: justify;\"><em>Photo courtesy of <a title=\"Presidium Group website\" href=\"https:\/\/www.presidiumre.com\/\" rel=\"nofollow\">Presidium Group<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>As one of the top ten fastest growing cities in the U.S., Houston continues to attract major investors who strive to capitalize on the high demand for multifamily product. Dallas-based Presidium Group, LLC has acquired Live Oak Bend Apartments, a 252-unit multifamily community<\/p>\n","protected":false},"author":39,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1589,21742],"tags":[39438,1815],"class_list":["post-1004094543","post","type-post","status-publish","format-standard","hentry","category-houston","category-latest","tag-houston","tag-national"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Presidium Group, Nessel Development JV Purchases Off-Market Multifamily Community in North Houston - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/presidium-group-nessel-development-jv-purchases-off-market-multifamily-community-in-north-houston\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Presidium Group, Nessel Development JV Purchases Off-Market Multifamily Community in North Houston\" \/>\n<meta property=\"og:description\" content=\"As one of the top ten fastest growing cities in the U.S., Houston continues to attract major investors who strive to capitalize on the high demand for multifamily product. Dallas-based Presidium Group, LLC has acquired Live Oak Bend Apartments, a 252-unit multifamily community\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/presidium-group-nessel-development-jv-purchases-off-market-multifamily-community-in-north-houston\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2014-04-11T21:03:07+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-11T06:51:01+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/04\/Live-Oak-Bend-Exterior-Close-Up.jpg\" \/>\n<meta name=\"author\" content=\"Amalia Otet\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/presidium-group-nessel-development-jv-purchases-off-market-multifamily-community-in-north-houston\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/presidium-group-nessel-development-jv-purchases-off-market-multifamily-community-in-north-houston\\\/\"},\"author\":{\"name\":\"Amalia Otet\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/9f6a1043b1429cf8ff129c75614caa73\"},\"headline\":\"Presidium Group, Nessel Development JV Purchases Off-Market Multifamily Community in North Houston\",\"datePublished\":\"2014-04-11T21:03:07+00:00\",\"dateModified\":\"2020-05-11T06:51:01+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/presidium-group-nessel-development-jv-purchases-off-market-multifamily-community-in-north-houston\\\/\"},\"wordCount\":309,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/presidium-group-nessel-development-jv-purchases-off-market-multifamily-community-in-north-houston\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2014\\\/04\\\/Live-Oak-Bend-Exterior-Close-Up.jpg\",\"keywords\":[\"Houston\",\"National\"],\"articleSection\":[\"Houston\",\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/presidium-group-nessel-development-jv-purchases-off-market-multifamily-community-in-north-houston\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/presidium-group-nessel-development-jv-purchases-off-market-multifamily-community-in-north-houston\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/presidium-group-nessel-development-jv-purchases-off-market-multifamily-community-in-north-houston\\\/\",\"name\":\"Presidium Group, Nessel Development JV Purchases Off-Market Multifamily Community in North Houston - 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