SAN ANTONIO, TX - San Francisco area based Praxis Capital announced that it has acquired the 209-unit Villas de Sendero Apartments in San Antonio, Texas. With offices in California and Texas, Praxis has plans to acquire several more properties in the major Texas metros.
Using the conservative underwriting and extensive due diligence for which Praxis is known, the firm performed an exhaustive search before seizing this high potential opportunity. "This value-add play is ideal for this point in the real estate and economic cycles, offering an excellent margin of safety" says Brian Burke, President of Praxis Capital. "We've had tremendous success employing similar strategies with other Texas properties and this property holds promise for excellent cash flow with upside potential. We foresee this as a very desirable property for both our residents and investors."
Villas de Sendero, a 209-unit Class B property, benefits from an infill location in northwest San Antonio. The property is located within the Westover Hills area, the city's second largest employment corridor (employment base of 210,000) and host to a myriad of corporate regional headquarters, call centers, government buildings, and hospitality destinations. Major employers include Wells Fargo, Nationwide, JP Morgan, Microsoft, QVC Network, NSA, SeaWorld, and the Hyatt Hill Country Resort and Golf Courses.
Situated on over 10 acres, the 17-building Villas de Sendero Apartments has a mix of one, two and three bedroom units, ranging from 400 to 1050 square feet. Praxis plans to continue renovating and upgrading the property, providing a highly desirable residential alternative in a thriving community.
Praxis Capital is a real estate private equity investment firm focused on value-add multifamily properties in US growth markets. Our core group brings over 100 years of combined real estate experience with over $1 Billion in transactional experience, with more than $100 million AUM. "Enjoying a proven, successful track record, we were able to raise the capital for this acquisition very quickly," according to Bob Dreher, SVP/Investor Relations, "with more than half of that coming from repeat investors. This acquisition has allowed us to finish 2016 with over $50 million in new acquisitions."