HOUSTON, TX - Santa Rosa, California based Praxis Residential announced that it has acquired the 276-unit Carriage Place Apartments in Houston, Texas. With offices in California and Texas, Praxis has plans to acquire several more properties in the major Texas metros.
Using the extensive due diligence for which Praxis is known, the firm looked at several hundred properties before seizing this high potential opportunity. "This is a true value-add play, ideal for repositioning it to be more in line with the surrounding Class A and B complexes," says Brian Burke, President of Praxis Residential. "We've had tremendous success employing this strategy with similar properties in the Houston area and this property holds promise for substantial untapped value. We foresee this as a very desirable property for both our residents and investors."
The property is located in close proximity to Interstate 45 which makes for a short commute to both The Woodlands to the north, one of the fastest growing suburbs in the Houston MSA, and Downtown City Center, to the south.
Situated on over 11 acres, the 26-building Carriage Place Apartments has a mix of 156 one bedroom units and 120 two bedroom units. The units range from 587 to 1,283 square feet. Praxis Residential plans to invest over $9,000 per unit renovating and upgrading the property providing a highly desirable residential alternative in a thriving community.
Praxis Residential, Inc. is a real estate private equity investment firm focused on value-add multifamily properties in growth markets. Our core group brings over 100 years of combined real estate experience with over $1 Billion in transactional experience. "Enjoying a proven, successful track record, we were able to raise the capital for this acquisition in two weeks," according to Bob Dreher, Director of Investor Relations, "with more than half of that coming from repeat investors."
Source: Praxis Residential / #Apartments #Multifamily