San Antonio—Praxis Capital announced the acquisition of Villas de Sendero Apartments, a 209-unit, Class-B property located in San Antonio. San Francisco-based Praxis Capital plans to acquire several more properties in the major Texas metros.
“This value-add play is ideal for this point in the real estate and economic cycles, offering an excellent margin of safety,” Brian Burke, president of Praxis Capital, said in a prepared statement. “We’ve had tremendous success employing similar strategies with other Texas properties and this property holds promise for excellent cash flow with upside potential. We foresee this as a very desirable property for both our residents and investors.”
The 17, two-story buildings offer one-, two- and three-bedroom units situated on 10 acres. The property features amenities such as a business center, a tennis court, a basketball court, two swimming pools and provides 396 parking spaces. According to Yardi Matrix, the community boasts an occupancy rate of 98.1 percent as of November 2016.
Villas de Sendero is located within the Westover Hills area, the city’s largest employment corridor and host to a myriad of corporate regional headquarters, call centers, government buildings, and hospitality destinations. Major employers include Wells Fargo, Nationwide, JP Morgan and Microsoft.
Image courtesy of Yardi Matrix