PRESS RELEASE: The Praedium Group Sells Two Multifamily Assets to Steadfast Income REIT

NEW YORK- The Praedium Group, a New York City based national real estate investment firm, completed the sale of two multifamily assets to Steadfast Income REIT, a real estate investment trust based in Irvine, CA.  Praedium recently closed on the sale of the Lodge at Trails Edge in Indianapolis, IN for $18.4 million, which comes on the heels of its earlier disposition of Grayson Ridge in Fort Worth, TX.

"When we acquired both of these multifamily assets, they were well located, yet underperforming their peers,” said Robert Murray, Managing Director at The Praedium Group. “In both situations, we undertook a number of key renovation projects to improve the overall quality of the assets. These renovations to both the apartments and common areas made the communities competitive in their respective markets and we were able to improve occupancy and rental rates. We believe that with the success of our value-add strategy realized, now was the right time to sell these properties.”

The Lodge at Trails Edge was originally acquired in 2007 along with operating partner, CRES Management LLC. The 268-unit residential community consists of 13, two-story buildings in Indianapolis, Indiana. Residences received a number of renovations and feature balconies and patios, fireplaces, walk-in closets, extra storage and many offer full-size washer/dryer connections. The common areas also underwent substantial improvements to its amenities which include a swimming pool, lighted tennis courts, picnic pavilion, clubhouse with a fitness center, basketball court and a car wash.

“Similar to The Lodge at Trails Edge, when we initially acquired Grayson Ridge, the asset was underperforming compared to similar properties in the marketplace,” continued Mr. Murray. “By joining forces with our local operating partner, CRES Management LLC, we believe we were able to improve performance and reposition Grayson Ridge as a premier asset in the strong Mid-Cities submarket.” 

Originally acquired in 2007, Grayson Ridge is a 240-unit property located 15 minutes from Downtown Fort Worth. During its ownership, the partnership completed a targeted capital improvement campaign to enhance the community’s residences and common areas. Following the renovations, many of the one and two-bedroom homes now feature wood-burning fireplaces, vaulted ceilings, walk-in closets, private balconies or patios and washer/dryer options.

“We are one of the nation’s most active buyers of apartment properties throughout the Midwest and South,” said Kyle Winning, Chief Investment Officer for Steadfast Companies. “We are pleased to have added these well-positioned properties in two of the strongest economic centers in the nation.”

About The Praedium Group

The Praedium Group is a privately-held real estate investment firm focusing on under-performing and under-valued assets throughout the United States. The Praedium Group was formed in 1991 and since inception has completed over 350 transactions representing $9.3 billion of capital, including 70,000 multifamily units and 43.3 million square feet of commercial space.  Over the past 22 years, The Praedium Group has sponsored a series of seven private equity funds. The commingled funds by The Praedium Group have attracted investors that include public and corporate pension funds, financial institutions, insurance companies, foundations and endowments. For more information, please visit

About Steadfast Income REIT

Steadfast Income REIT is a real estate investment trust that invests primarily in stable, income-producing and value-added apartment properties. To-date, the REIT has invested over $800 million to acquire 41 apartment communities in 10 Midwestern and Southern states. Steadfast Income REIT is sponsored by Steadfast REIT Investments, LLC, an affiliate of Steadfast Companies, an Orange County, Calif.-based group of affiliated real estate investment companies that acquire, develop and manage real estate in the U.S. and Mexico.