California Investor Finds Value-Added Gem in Houston

After screening several hundred properties, a California-based investor believes to have found the perfect value-added apartment community in Houston.

After screening several hundred properties, a Santa Rosa, Calif.-based investor believes to have found the perfect value-added apartment community in Houston.

Praxis Residential Inc. is now the new owner of the Carriage Place Apartments, a 276-unit multifamily community located within the Bammel submarket at 505 Wells Fargo Drive.

Carriage Place Apartments

Carriage Place Apartments

The property features 156 one-bedroom units and 120 two-bedroom units, their size ranging between 587 and 1,283 square feet. Praxis plans to invest almost $2.5 million in capital improvements. According to Yardi Matrix data, the 37-year old building was acquired from The Lynd Co., which purchased the property back in 2005.

“This is a true value-added play, ideal for repositioning it to be more in line with the surrounding Class A and B complexes,” Brian Burke, president of Praxis Residential, said in a prepared statement. “We’ve had tremendous success employing this strategy with similar properties in the Houston area and this property holds promise for substantial untapped value. We foresee this as a very desirable property for both our residents and investors.”