HOUSTON – Santa Rosa, Calif.-based based Praxis Residential, Inc. acquired the 276-unit Carriage Place Apartments in northern Houston.
“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.
The property is located near Interstate 45 and FM 1960. 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 project.
Praxis Residential, Inc. is a real estate private equity investment firm focused on value-add multifamily properties in growth markets.
“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.”