By Jeffrey Steele, Contributing Writer
Conroe, Texas—Whispering Oaks Apartments, a 140-unit property in the Houston suburb of Conroe, Texas, has been acquired by Santa Rosa, Calif.-based Praxis Capital LLC. This is the latest in what Praxis Capital reports is a series of property acquisitions in major Texas metros.
Whispering Oaks Apartments sprawls across a more than six-acre parcel, its 20 buildings offering a mix of 36 one-bedroom, 86 two-bedroom, 16 three-bedroom and two highly unusual four-bedroom units. The apartments range from 640 to 1,600 square feet, and rent for between $599 and $1,050 per month. Praxis Capital intends to invest more than $4,200 per unit in renovations and upgrades.
Residences include all-electric kitchens, ceiling fans, expansive walk-in closets, mini blinds, wood plank tiles, stain-resistant carpet and Wi-Fi capability, among other attractive features. The property amenities include a swimming pool, clubhouse, children’s play area, picnic area with barbecue, basketball courts, business center and a laundry facility. Attractions in close proximity to the community include the recreational opportunities of Lake Conroe and numerous nearby golf courses, as well as shopping at the Outlets of Conroe.
“This is a value-add play,” says Brian Burke, Praxis Capital LLC’s managing director. “This off-market acquisition is a very well-positioned asset. The Houston area is experiencing tremendous job growth, and we see the stable Texas economy as very favorable to multifamily property investment. We foresee this as a very desirable property for our residents and our investors.”
Among the nation’s 12 largest metropolitan areas, Houston had the fastest rate of job growth in the past year. From June 2012 to June 2013, local non-farm employment increased 3.6 percent, more than twice the 1.7 percent increase nationally. This kind of job growth is a factor in the expectation the Houston MSA will be among the country’s fastest growing over the next 17 years, increasing by a projected 2.66 million residents by 2030.
A northern suburb of Houston, Conroe is the seat of Montgomery County and falls within the Houston-Sugar Land-Baytown metropolitan area.
Its location along I-45 assures short commutes to The Woodlands, one of the fastest growing suburbs in the Houston MSA. Conroe is also well located within one of the major job growth corridors in America’s fastest growing city.
In selecting Whispering Oaks Apartments for purchase, Praxis Capital undertook the extensive due diligence for which it is known. It examined several hundred properties prior to acquiring this stabilized yet high-potential rental community.
Praxis Capital LLC is a real estate equity investment firm created to provide high rates of return for its investors while tactically managing risk.