Case Studies


Whispering Oaks Apartments

Houston, Texas


Whispering Oaks Apartments are in the Houston suburb of Conroe, Tx. When Praxis acquired the property it was a neglected Class C property.  We renovated all of the unit interiors with new appliances, light fixtures, plumbing fixtures, flooring and paint.  We also performed many enhancements to the exterior to improve curb appeal.  The property was a top three finalist for Houston Apartment Association’s “Property of the Year” in 2017.

The renovation and management improvements improved the property’s performance substantially after acquisition, boosting net income by 85% by the end of the first year.  The improved performance allowed the property to achieve the fourth year’s projected income by the end of the second year.

The property was sold after holding for five years at a price far in excess of projected exit value, allowing us to deliver a net IRR to our investors of over 27% and an average cash-on-cash return exceeding 11.5%.  This far out-performed our original projections of 14.5% net IRR and 9% cash-on-cash.


Year Built : 1972
Units : 140
Rents at Acquisition : $675
Rents at Sale : $877
NOI Change In First Year : +84.9%
Occupancy at Acquisition : 91.4%
Occupancy at Sale : 95%
Rehab Cost : $4,674 Per Unit
Net IRR (Projected) : 14.54%
Gross IRR (Actual) : 33.76%
Net IRR (Actual) : 27.82%
Gross Equity Multiple (Actual) : 3.6x
Net Equity Multiple (Actual) : 2.94x
Cash-on-Cash Return (Actual) : 11.55%
Hold Time : 5 Years

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