Source: Praxis Capital / #Apartments #Multifamily
ATLANTA, GA - San Francisco area based Praxis Capital announce that it has acquired the 198-unit Class B Birch Run Apartments in Clarkston, Georgia. This is the company's first acquisition in the Atlanta metro. Praxis plans to build a portfolio of approximately 2,000 units in this 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. "Atlanta is one of top performing apartment markets in the country, and Clarkston has one of the lowest vacancy rates in the metro, 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 Birch Run Apartments offers a tremendous value-add opportunity. Built in 1983 and situated on over 10 acres, the 23-building property has 198 two-bedroom units, ranging from 1,070 to 1,245 square feet, each with a unique sunroom. Praxis plans to invest $3 million to renovate and upgrade the property. The property is being managed by Praxis' wholly-owned subsidiary, PM Residential Management LLC.