Daily market intelligence on mortgages, equity raising, investment sales, and CMBS.

Thursday, 06 September 2018

Praxis Capital to Expand Apartment Portfolio; Focus on Southern, Western U.S.

The Santa Rosa, Calif., private-equity firm hopes to acquire 8,000 multifamily units in the next three years. It is pursuing class-B and -C properties, with at least 100 units each, in the southeast, southwest and western United States that were built in the 1970s and 1980s. It is particularly bullish on the Atlanta area.

Commercial Real Estate Direct Staff Report

Praxis Capital Inc., which launched in 2001 with a focus on single-family rental homes, is expanding its presence in the multifamily sector.

The Santa Rosa, Calif., private-equity firm owns eight apartment properties with about 2,000 units in Arizona, California, Florida, Georgia and Texas, but it hopes to add 8,000 units in the next three years. It will pursue mostly class-B and -C properties, with at least 100 units each, in the southeast, southwest and western United States that were built in the 1970s and 1980s.

The company still owns a portfolio of single-family rental homes, however it has been liquidating most of those properties. It also buys residential condominium buildings, in which it renovates and sells individual units. But these days it's primarily focusing on apartment properties.

It has identified Atlanta, Phoenix, Orlando and Tampa, Fla., as its key markets for multifamily...





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Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44

 

RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41

 

 

 

REITCafe

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shouldn’t be a surprise as it comes while the yield from 10-year Treasury bonds, the benchmark against which most REIT’s price their bonds
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