Whispering Oaks lures California buyer to Conroe

CONROE – Santa Rosa, Calif.-based Praxis Capital LLC has acquired Whispering Oaks Apartments, a 140-unit multifamily property located at 1200 North Loop 336 W.

Situated on over six acres, the 20-building complex has a mix of 36 one-bedroom units, 86 two-bedroom units, 16 three-bedroom units and two four-bedroom units.

The units range from 640 sf to 1,600 sf with rents between $599 and $1,050 a month. Praxis Capital plans to invest more than $4,200 per unit renovating and upgrading the property.

Praxis purchased Whispering Oaks because the company said it sees the Houston area experiencing tremendous job growth, along with seeing Texas as a stable economy, favorable to multifamily investment, said Brian Burke, managing director for Praxis.