CONROE, TX-California based Praxis Capital, LLC has acquired the 140-unit Whispering Oaks Apartments in Conroe, a suburb of Houston. This stabilized, yet high potential complex, is the latest Texas acquisition for Praxis Capital, who has just opened an office in Texas. The company 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 value-add play” says Brian Burke, managing director of Praxis Capital LLC. ”This off-market acquisition is a very well positioned asset. The Houston area is experiencing tremendous job growth and we see the stable Texas economy as very favorable to multifamily property investment. We foresee this as a very desirable property for our residents and for our investors.”The Houston MSA population is estimated to increase by 2.66 million residents by 2030. This would result in one of the largest population growths in the country.
Conroe is a northern suburb of Houston, the seat of Montgomery County and falls within the Houston-Sugar Land-Baytown metropolitan area. From June 2012 to June 2013, local nonfarm employment rose 3.6 percent, over two times faster than the national increase of 1.7% percent. Among the 12 largest metropolitan areas in the country, Houston had the fastest rate of job growth.
Situated on more than 6 acres, the 20-building Whispering Oaks Apartments has a mix of 36 one bedroom units, 86 two bedroom units, 16 three bedroom units and two rare four bedroom units. The spacious units range from 640 to 1,600 square feet, with rents between $599 and $1,050 per month. Praxis Capital plans to invest over $4,200 per unit renovating and upgrading the property providing a desirable residential alternative in a thriving community.
Praxis Capital, LLC, Santa Rosa, CA, is a real estate private equity investment firm created to provide high rates of return for our investors while tactically managing risk. Praxis capitalizes on a variety of market cycles to acquire the right assets, in the right markets, at the right time.