Santa Rosa, California-based Praxis Capital LLC has acquired the 136-unit Elm Grove Apartments in the master planned community of Kingwood, Texas, a class A suburb of Houston. This stabilised, yet high potential complex, is the second Texas acquisition targeted and acquired by Praxis Capital in the last ten weeks.
Elm Grove is ranked as the largest master-planned community in Harris County, Texas. The Kingwood submarket was recently ranked number 1 in the Houston area in terms of rent growth by REIS, Inc. 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.
"This is a value-add play," says Brian Burke, Managing Director of Praxis Capital LLC. "This foreclosed property is a very well located asset. The Houston area is experiencing tremendous job growth and we see the stable Texas economy as very favorable to multifamily property investment. The demographics and logistics represent a substantial opportunity. We foresee this as a very desirable property for our residents and for our investors."
The company plans to acquire 7,500 units in the major Texas metros.
Situated on 5.3 acres, the 11-building Elm Grove Apartments has a mix of 53 one bedroom units, 67 two bedroom units, and 16 three bedroom units. The spacious units range from 711 to 1,245 square feet, with rents between USD725 and USD1,100 per month. Praxis Capital plans to invest over USD3,500 per unit renovating and upgrading the property providing a desirable residential alternative in a thriving community