SANTA ROSA, Calif., March 8, 2011 /PRNewswire/ -- Praxis Capital LLC has acquired the 54-unit Walnut Grove Apartments for an undisclosed price. The property, in the thriving hub of Austin, Texas, was a recent foreclosure. Maneuvering through extenuating market conditions and tight credit circumstances, Praxis was able to capture this multi-family complex at extremely deep discounts using an all cash proposal, which subsequently closed within seven days of signing the purchase contract.
Employing the extensive due diligence that Praxis is known for, the firm has again secured a high potential opportunity. Analysis is targeting Austin as an economic magnet with Austin's job growth rate continuing to outpace that of other major Texas cities. As noted on MSNBC, Austin ranked first in the U.S. in economic recovery. Austin ranks as No. 1 by Kiplinger.com, Kiplinger's Personal Finance Magazine as "Our number-one Best City for the Next Decade" (Bob Frick, Senior Editor, July, 2010)
As noted in the Texas Workforce Press Release, Jan 2011, "The annual job growth rate in Texas has steadily risen every month during the past 12 months. Managing Director, Brian Burke states, "These factors along with many other analytics bring us to the conclusion that growth, economic stability and demographics are creating a timely opportunity for multi-family residences in this area."
Praxis Capital plans to invest over $10,000 per unit renovating and upgrading the property providing a desirable residential alternative in a thriving community. "This is a value-add play" says Brian Burke, managing director of Praxis Capital LLC. "This is a very well located asset that was neglected, experienced a foreclosure, and this represents a great opportunity to make this a very desirable property for our residents and investors." The company plans to acquire 7,500 units in the major Texas metros.
Praxis Capital LLC is a real estate private equity investment firm created to provide high rates of return to 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.
To learn more about this investment, accredited investors or advisors may contact Sherri Haskell at sherri@praxcap.com or 415 332 2665.
Sherri Haskell, Investor Relations Director Sherri@praxcap.com Praxis Capital LLC 1160 N. Dutton Ave., Santa Rosa CA 95401 www.praxcap.com
Praxis Capital LLC
CONTACT: Sherri Haskell, Investor Relations Director of Praxis Capital
LLC, +1-415-332-2665, Sherri@praxcap.com
