Praxis acquired this class B asset in need of interior upgrades and exterior enhancements. We upgraded the interiors with new appliances, fixtures, flooring and paint. The exterior was re-sided and painted and the landscaping, pool and common areas were enhanced. By year three, Praxis had achieved the forecasted year 5 income. The property received the prestigious “Top Rated” award from a popular online apartment rating website.
The property was sold one year earlier than planned for over a half million dollars more than projected, generating a IRR to our investors exceeding 28%.