Residential Real Estate: Investment firm Praxis buys 54-unit Texas apartment property

Also: Hearings set on latest proposals for Napa Pipe projectSanta Rosa-based Praxis Capital has acquired a 54-unit apartment complex in Austin, Texas.

The Walnut Grove Apartments were purchased for an undisclosed price. The property was a recent foreclosure and Praxis was able to get this multifamily complex at a deep discount using an all cash proposal, which closed within seven days of signing the purchase contract.

Austin's job growth rate is continuing to outpace that of other major Texas cities. As noted in the Texas Workforce Press Release, January 2011, “The annual job growth rate in Texas has steadily risen every month during the past 12 months.

“These factors along with many other analytics bring us to the conclusion that growth, economic stability and demographics are creating a timely opportunity for multifamily residences in this area,” said Managing Director Brian Burke.

Praxis Capital plans to invest over $10,000 per unit renovating and upgrading the property providing a desirable residential alternative in a thriving community.

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