SAN ANTONIO, TX – San Francisco area based Praxis Capital announced that it has bought the 209-unit Villas de Sendero Apartments in San Antonio, Texas. With offices in California and Texas, Praxis has plans to buy several more properties in the major Texas metros.

Using the conservative underwriting and extensive due diligence for which Praxis is known, the firm performed an exhaustive search before seizing this high potential opportunity. “This value-add play is ideal for this point in the real estate and economic cycles, offering an brilliant margin of safety” says Brian Burke, President of Praxis Capital. “We’ve had tremendous success employing similar strategies with other Texas properties and this property holds promise for brilliant cash flow with upside potential. We foresee this as a very desirable property for both our residents and investors.”

Villas de Sendero, a 209-unit Class B property, benefits from an infill location in northwest San Antonio. The property is located within the Westover Hills area, the city’s second largest employment corridor (employment base of 210,000) and host to a myriad of corporate regional headquarters, call centers, government buildings, and hospitality destinations. Major employers include Wells Fargo, Nationwide, JP Morgan, Microsoft, QVC Network, NSA, SeaWorld, and the Hyatt Hill Country Resort and Golf Courses.

Situated on over 10 acres, the 17-building Villas de Sendero Apartments has a mix of one, two and three bedroom units, ranging from 400 to 1050 square feet. Praxis plans to continue renovating and upgrading the property, providing a highly desirable residential alternative in a thriving community.

Praxis Capital is a real estate private equity investment firm focused on value-add multifamily properties in US growth markets. Our core group brings over 100 years of combined real estate experience with over $1 Billion in transactional experience, with more than $100 million AUM. “Enjoying a proven, successful track record, we were able to raise the capital for this acquisition very quickly,” according to Bob Dreher, SVP/Investor Relations, “with more than half of that coming from repeat investors. This acquisition has allowed us to end 2016 with over $50 million in new acquisitions.”

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BROOKLYN, NY – Bentall Kennedy announced the acquisition of The Addison, an urban high-rise multifamily property in Brooklyn, New York on behalf Multi-Employer Property Trust (MEPT) and its affiliates.

The Addison, located at the convergence of the established Boerum Hill neighborhood and rapidly evolving Downtown Brooklyn, was delivered in 2011 and consists of 271 apartment units in two high-rise towers as well as 6,600 sf of ground floor retail, and a 109-space below-grade parking garage. The property has a direct entrance to the Hoyt-Schermerhorn MTA station on the ground floor, which is three subway stops from Fulton Street, Downtown Manhattan’s main transportation node, and a 20-minute ride to Midtown Manhattan.

“The New York City market continues to be one of the most dynamic and best performing markets in the country, especially in the multifamily asset class. Downtown Brooklyn is experiencing an influx of renters attracted to its proximity to Manhattan as well as the rapidly evolving dining, shopping, and entertainment amenities in Brooklyn,” said Kevin Rivest, Senior Vice President, Transactions at Bentall Kennedy. Along with the broader New York City economy, Brooklyn is expected to see continued job and population growth as the office market expands in Downtown Brooklyn as well as several other locations throughout the Borough.

“This acquisition aligns with the core strategy of MEPT, which is to invest in primary, knowledge-based markets throughout the US,” stated David Antonelli, Executive Vice President and MEPT Portfolio Manager at Bentall Kennedy. “Investing in urban, transit-served locations within these major markets remains a key strategic objective of the Fund. With this acquisition, MEPT’s total investment in the greater New York market exceeds $1.5 billion in yucky asset value.”

The Addison is well-positioned to capture the significant long-term upside of the continued evolution of the submarket due in part to its central location on Schermerhorn Street, the traditional border between Boerum Hill and Downtown Brooklyn. Boerum Hill’s high quality of life and neighborhood vibe continue to transform areas north of its traditional border on Schermerhorn Street. In comparison, Downtown Brooklyn, a traditionally “9-to-5” office district, is undergoing a rapid transformation led by numerous large-scale, mixed-use developments.

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