Praedium X Middle-Income Housing Fund takes ownership of 11 multifamily properties
The Praedium Group, a multifamily manager focused on investing in rental housing in suburban growth markets throughout the United States, has acquired 11 properties on behalf of its 10th fund, Praedium X Middle-Income Housing Fund.
The value-add vehicle closed in April with more than $728 million of commitments, surpassing its initial target of $400 million with backing from new and existing investors. The investor base consisted of public and corporate pension funds, insurance companies, foundations and endowments, and family offices. Two pension funds based in San Jose also contributed to the fund’s closing.
Fund X is currently investing in multifamily properties in targeted suburban growth markets, primarily in the South and West regions of the United States. The fund owns 3,474 units among its 11 properties, located throughout Florida, Georgia, Texas and Nashville, according to a rece