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Praxis Capital Acquires Three Atlanta Communities for $150M
San Francisco, CA-based Praxis Capital, Inc., has acquired a $150-million, 584-unit multifamily portfolio in the Atlanta area.
- Lost Mountain Apartment Homes, Dallas, 206 units, built 2000
- Magnolia Commons Apartment Homes, Hiram, 194 units, built 2002
- Aubrey’s Landing Apartment Homes, Cumming, 184 units, built 2000
The Class B+ properties were acquired off-market from a long-term owner and have immediate value-add potential, with comparable rents $300 to $480 higher than effective rents at each property, according to Praxis.
Praxis describes using a conservative underwriting and extensive due diligence as part of an exhaustive search before seizing these high-potential opportunities. “We’ve had tremendous success employing similar strategies with properties in this and other states and this property holds promise for excellent cash flow with upside potential,” said Brian Burke, president of Praxis Capital.
Praxis Capital’s 2021 transactional value exceeded $427 million and involved the acquisition of 892 units and sale of more than 2,000 units.
Photo: Lost Mountain Apartment Homes
- ◦Sale/Acquisition
