Hollywood, Calif.–HFF arranged an $8.2 million refinancing for San Jacinto and Holloway House, multi-housing communities totaling 284 units in Palm Springs and West Hollywood, Calif.
HFF worked exclusively on behalf of 17834 Burbank Investments LLC to secure the 10-year, 5.19 percent fixed-rate loan through ING Life Insurance and Annuity Company acting through its advisor ING Investment Management. The loan has a 30-year amortization and will be serviced by HFF.
San Jacinto, which has 209 units, is located at 3925 Escoba Drive close to the Palm Springs International Airport in Palm Springs. The 75-unit Holloway House is situated between Santa Monica and Sunset Boulevards at 8608 Holloway Drive in West Hollywood.
The HFF team representing 17834 Burbank Investments LLC was led by managing director Mark Wintner.
Praxis acquires foreclosed property in high-growth Texas market
Houston–Praxis Capital LLC acquired the 136-unit Elm Grove Apartments in the master-planned community of Kingwood, Texas, a class A suburb of Houston. The stabilized complex is the second Texas acquisition targeted and acquired by Praxis Capital in the past 10 weeks. Elm Grove is ranked as the largest master-planned community in Harris County, Texas.
Praxis says it used extensive due diligence and is again seizing a high-potential opportunity. The Kingwood submarket was recently ranked number one in the Houston area in terms of rent growth by REIS, Inc. The Houston MSA population is estimated to increase by 2.66 million residents by 2030. This would result in one of the largest population growths in the country.
“This is a value-add play,” says Brian Burke, managing director of Praxis Capital LLC. “This foreclosed property is a very well-located asset. The Houston area is experiencing tremendous job growth, and we see the stable Texas economy as very favorable to multifamily property investment. The demographics and logistics represent a substantial opportunity. We foresee this as a very desirable property for our residents and for our investors.” The company plans to acquire 7,500 units in the major Texas metros.
Situated on 5.3 acres, the 11-building Elm Grove Apartments has a mix of 53 one-bedroom units, 67 two-bedroom units and 16 three-bedroom units. The spacious units range from 711 to 1,245 square feet, with rents between $725 and $1,100 per month. Praxis Capital plans to invest more than $3,500 per unit renovating and upgrading the property providing a desirable residential alternative in a thriving community.
Praxis Capital, LLC is a real estate private-equity investment firm created to provide high rates of return to investors while tactically managing risk.