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.
“This is a value-add play,” said Mr. Burke. “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 seeking to capitalize on a variety of market cycles to acquire the right assets, in the right markets, at the right time.
Mr. Burke has over the past 20 years developed computer software that takes seven sources of data from public documents and puts it into a centralized repository. From that data, decisions can be made about which distressed properties to purchase and for how much to give the best rate of return to investors.
***Napa Pipe’s supplemental Draft Environmental Impact Report was released for comments on Feb. 14 and all comments are due by March 31.
There will be two public hearings on March 16, one at 9 a.m. and one at 6 p.m. at the Conservation, Development and Planning Commission and the Office of Education respectively.
The proposed project would amend the County’s General Plan and zoning ordinance and result in phased construction of a new neighborhood on the 154-acre Napa Pipe site at 1025 Kaiser Road in unincorporated Napa County.
The new neighborhood would have a combination of residential, neighborhood-serving retail, light industrial/R&D/warehousing and office space as well as a condominium hotel. These uses would be organized around new streets and public open spaces
Key project features would include:
Brownfield recycling: Remediation, grading and site preparation to raise the elevation of a flat, largely paved, 154-acre industrial site
Housing: Development of approximately 2,580 units in three phases with varying dwelling unit sizes, heights and building types; 20 percent of the units constructed would be deed restricted as affordable
Seniors facility: Construction of a 150-unit Continuing Care Retirement complex with 225 beds that would provide independent living for seniors, with common dining, recreational activities, housekeeping and transportation as well as assisted care for seniors