TAMPA, FL - San Francisco area based Praxis Capital announced that it has acquired the 232-unit Class B Villages at Turtle Creek in Tampa, Florida - its second acquisition in the third quarter of 2017. Praxis plans to build a portfolio of approximately 2,000 units in the central Florida market.
The Praxis executive team, possessing more than $6.3 billion of transactional experience in the multifamily sector, including institutional management of more than 90,000 apartment units, seeks to build a large portfolio of Class B/C workforce housing, consistently unlocking embedded value in multifamily real estate. Praxis also looks to expand its relationships with Family Office and Institutional JV Equity sources.
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. "Similarly upgraded nearby properties are achieving $362 rent premiums over the in-place rent at Villages at Turtle Creek, making this an ideal value-add play," says Brian Burke, President of Praxis Capital. "We've had tremendous success employing similar strategies with properties in other states 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."
The Class B Villages at Turtle Creek offers a tremendous value-add opportunity. Built in 1985 and situated on over 11.5 acres, the 15-building property has 232 one- and two-bedroom units, ranging from 450 to 1,010 square feet, all with in-unit washer/dryer connections. Praxis plans to invest nearly $3 million to renovate and upgrade the property.
The property is being managed by Praxis' wholly-owned subsidiary, PM Residential Management LLC.