Real Estate Private Equity Firm, Praxis Capital Exceeds Expectations

SANTA ROSA, Calif., Sept. 25, 2012 /PRNewswire/ -- Santa Rosa, California based Praxis Capital LLC is pleased to announce outstanding performance with the Elm Grove Partnership. Praxis acquired the 136-unit Elm Grove Apartments in the master planned community of Kingwood Texas, a class A suburb of Houston in May, 2011. 

As another example of Praxis Capital operational disciplines, Praxis has exceeded all projections on operations. At the time of acquisition, the Elm Grove apartment community was operating at an 87% occupancy rate. Although Praxis, as is customary, operates on exceptionally conservative projections, they are proud to report that after only 15 months of control on this project, a substantial increase in occupancy to 97%, with waiting lists. Projections for this time frame had been for an increase to 91%.

This was a collaborative effort of identifying a value-add project, with the right demographics, using our ability to finance and operate to bring enhanced value to our residents and investors.

The Houston metro market is currently one of  the hottest rental markets in the country. Metrics employed by Praxis include both interior and exterior improvements including painting, re-siding, re-surfacing of the pool, new pool furniture, lighting, plumbing and flooring enhancements. We are running ahead of all projected financial metrics including rent increases in excess of 8% this year alone. Our upcoming year is forcast at an additional 10% rent increase.

Brian Burke, Managing Director states: "Elm Grove has surpassed our forecasts on every metric. We are extremely pleased with this investment, and after witnessing the outstanding performance, our investors are also pleased, as evidenced by the fact that many of them opted to increase their investment participation with the company."

Praxis Capital is currently one of the largest buyers of distressed residential properties in northern California as well as holding select multi-family properties in Texas. To learn more about the Praxis real estate investment opportunities, accredited investors and advisors may contact Sherri Haskell at [email protected] or (415) 332-2665.

Sherri Haskell, Investor Relations Director
Praxis Capital, LLC
3333 Mendocino Ave, Santa Rosa, CA 9540
www.praxcap.com 

SOURCE Praxis Capital LLC

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