Magnolia Commons Apartment Community, courtesy of Praxis Capital Inc.

A San Francisco-based firm acquired three class B+ apartment communities in Paulding and Forsyth counties for $150 million in a deal that closed 23 days after signing. 

The properties, Lost Mountain in Dallas, Magnolia Commons in Hiram and Aubrey’s Landing in Cumming, include 206 units, 194 units and 184 units, respectively, Praxis Capital Inc. Senior Vice President Bob Dreher told Atlanta Agent, noting that the firm dropped “Evergreen at” that preceded the name of each community.  

Praxis acquired the assets in an off-market deal. Dreher declined to name the seller, but a press release described them as a “long-term owner.” 

Praxis said the properties have immediate value-add potential with comparable rents $300 to $480 higher than the current effective rents. The firm sourced the “high potential” opportunities using conservative underwriting and extensive due diligence, according to the release. 

“We’ve had tremendous success employing similar strategies with properties in this and other states, and this property holds promise for excellent cash flow with upside potential,” Praxis President Brian Burke said. “We foresee these as very desirable properties for both our residents and investors.” 

Lost Mountain Apartment Community, courtesy of Praxis Capital Inc.