Praxis Secures Multifamily in Atlanta MSA

We are very excited to announce that Praxis has entered into agreement to purchase the 198-unit Birch Run Apartments in Clarkston, Georgia, a suburban of metro Atlanta. What makes this even sweeter is that of all the properties that we have underwritten and toured in the Atlanta market, this property was number 1 on our wish list!

The property has been under-managed, as evidenced by in-place rents below comparable un-renovated properties, allowing us to not only purchase this well below replacement cost but also below current market value!

This Class B property is one of a handful of properties in this submarket which was built in the 1980's, with the majority of the competition being 1970's vintage. The property has had very few upgrades over its life, with nearly all of the unit interiors having untouched original 1983 finishes; below the quality of newly renovated comparable but older properties in the area. This presents an outstanding opportunity for us to create additional value through interior upgrades, correction of deferred maintenance and exterior amenity enhancements. Doing so will enable us to compete favorably with both newer and upgraded older properties with higher-end finishes. 

Being a true value investor requires that we draw upon our proven skill set that has allowed us to consistently purchase over 700 properties below current market value...even in hot markets. Our investor clients will be benefiting from the fruits of our labor.

Praxis Capital, Inc. is a vertically integrated real estate private equity investment firm which combines an entrepreneurial approach with an institutional infrastructure. The executive team at Praxis combines more than 100 years and $6.3 billion of experience in the multifamily sector; including management of over 90,000 apartment units.