Embrey Sells Everly Apartments in Houston; Will Continue to Manage Multifamily Units
HOUSTON, Oct. 29, 2019 /PRNewswire/ -- Embrey Management Services has been selected to manage The Praedium Group’s newly acquired Everly Apartments in Houston.
Embrey Partners, Ltd., a diversified real estate investment company, built the luxury, upscale Everly Apartments and recently closed the sale of the multifamily residential project with The Praedium Group, a New York-based national real estate investment firm.
“Embrey is nationally recognized for building places where people want to be and for its award-winning management services,” said Garrett Karam, Chief Investment Officer. “Our reputation for demanding the highest quality and standards in everything from development location, to construction craftsmanship, to management services continues to be attractive to investors year after year.”
“We are delighted that The Praedium Group has selected Embrey Management Services to be its partner in serving residents at the Everly,” said Cindy Ash, President of Embrey Management Services. “Our goal is always to manage properties as if we live there and to elevate value for our partners like The Praedium Group.”
Everly features four, 2-story carriage home buildings, four 4-story apartment buildings, and two 3-story apartment buildings. The residential units feature modern gourmet kitchens with stainless steel appliances, granite or quartz countertops, vinyl plank wood flooring, under-cabinet lighting, and custom wood cabinetry with designer hardware. Property amenities include a resort-style pool with private cabanas, an indoor golf simulator, a fully equipped fitness center with fitness-on-demand, an outdoor beer garden, and a Wi-Fi lounge with private conference rooms.
The property is located between the Westchase and Galleria/Uptown Districts. Its central location provides residents with easy access to multiple employment hubs and high-quality retail and entertainment options.
“The acquisition of Everly Apartments fits well within our strategy of purchasing high quality assets in growth markets,” said Peter Calatozzo, Principal of The Praedium Group. “Everly provides an attractive rent for a new property with an expansive amenity set that is in close proximity to several of Houston’s major employment centers.”
About Embrey Partners
San Antonio-based Embrey Partners, Ltd. is a diversified real estate investment company that owns, develops, builds and manages market-rate multifamily and commercial assets in targeted markets across the United States. Since 1974, Embrey has developed more than 39,000 apartments and over 6 million square feet of commercial property. Embrey is one of the leading developers in the multifamily sector, with approximately 6,000 units under construction or in development. www.embreydc.com
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