SANTA ROSA, CA - 9/22/2015 (PRESS RELEASE JET) -- Santa Rosa, California based Praxis Residential, Inc is pleased to announce that it recently sold the 136-unit Elm Grove Apartments in Kingwood, TX, a suburb north of Houston. Praxis performed significant interior renovations and exterior upgrades to the property, providing a highly desirable residential alternative in a thriving community. As a result, Praxis was able to generate higher than expected returns for its investors---in excess of 28% IRR.
Using the extensive due diligence for which Praxis is known, the firm looked at several hundred properties before seizing this high potential opportunity. “We couldn’t be more pleased with the results of this investment for our investors.” says Brian Burke, President of Praxis Residential. “We've enjoyed tremendous success employing this strategy with similar properties and believe, given the right demographics, that properties of this type continue to hold promise for substantial untapped value.”
With offices in California and Texas, Praxis just acquired the 276-unit Carriage Place Apartments in Houston and has already begun substantial interior and exterior work to reposition this property---making it more in line with the surrounding properties. Praxis has plans to acquire several more properties throughout the major Texas metros.
Praxis Residential, Inc. is a real estate private equity investment firm created to meet the demand of its legacy investors. “Enjoying a proven, successful track record, our investor base has grown dramatically,” according to Bob Dreher, Director of Investor Relations. “As a result, we have been able to raise the capital for our acquisitions very quickly, with the majority of our investors investing in multiple offerings.”
Praxis constantly seeks underperforming assets which offer a value-add component to maximize risk-adjusted returns for its investors. Short term and long term strategies are implemented depending on the specific goals of each fund they manage. Our core group brings over 100 years of combined real estate experience coupled with over $1 Billion in transactional experience.
To learn more about Praxis and its investment models, accredited investors or advisors may contact Bob Dreher at firstname.lastname@example.org or (707) 703-4500.