Case Studies

Rustic Creek Apartments

Austin, Texas

Praxis Capital acquired the former Walnut Grove Apartments in Austin, TX and completed a major rehabilitation of the interior and exterior of the buildings and landscaping. This complex consists of five buildings, all of which are two-story garden-style walk-ups. Within 12 months of acquisition, the entire property had been reconstructed and stabilized, with occupancy rising from 66% to 97%. Having exceeded all acquisition projections, Praxis liquidated the property less than two years after acquiring it, achieving a 43% IRR to its investors.

Year Built : 1972
Units : 54
Rents at Acquisition : $560
Rents at Sale : $700
Occupancy at Acquisition : 66%
Occupancy at Sale : 97%

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