Praxis Snags 209 Units for Value-Add Play
Praxis Capital Inc. acquired the 209-unit Villas de Sendero Apartments in San Antonio from a San Diego seller operating under the name of L.L.J. Quez Northwest Trails LLC. The San Francisco buyer nabbed the Class B complex at 8841 Timber Path in a value-add play. The sales price was undisclosed, with the Bexar Central Appraisal District assessing the property at $8.2 million.
The new owner plans to renovate and upgrade the property. “We’ve had tremendous success employing similar strategies with other Texas properties, and this property holds promise for excellent cash flow, with upside potential,” said Brian Burke, Praxis Capital. Praxis continues on the hunt for additional assets in the major Texas metros.
Villas de Sendero is situated on more than 10 acres, and has a mix of one, two and three-bedroom units. The apartments range in size from 400 to 1,050 square feet. Monthly rents range from $555 to $1,025.
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