Case Studies


Elm Grove Apartments

Houston, Texas Area


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 20%.


Year Built : 1979
Units : 136
Rents at Acquisition : $738
Rents at Sale : $898
Occupancy at Acquisition : 88.2%
Occupancy at Sale : 99%
Rehab Cost : $6,650 Per Unit
Net IRR (Projected) : 17.88%
Gross IRR (Actual) : 28.73%
Net IRR (Actual) : 20.31%
Gross Equity Multiple (Actual) : 2.48x
Net Equity Multiple (Actual) : 1.97x
Hold Time : 4 Years

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