Mar 20, 2017
I was introduced to Praxis from another member of the 506 Investor Group in early 2016 and Praxis had just begun their first "Condo Arbitrage" deal in San Diego and about to do a similar deal near the San Francisco Bay Area. Although their minimums were a little above my comfort level, I did drive up to Santa Rosa and meet with Brian Burke and Bob Dreher and came away very impressed. They knew their markets and they knew Multifamily investments. After doing the strongest due diligence I had ever done on an investment, a company, and their principals, I invested MORE THAN THE minimum on their condo deal. So far it is only about halfway through the transaction, but they are slightly above proforma and a bit ahead of schedule.
Communication is great. Both Bob and Brian reply to emails quickly. Updates are timely, honest, and to the point, without any fluff.
On a side note--I was at a Multifamily conference (or seminar) in late 2016 with numerous "experts" on the state of the MF market speaking, and about 100 developers, sponsors, etc in the audience. One of the speakers mentioned that we are currently in the 7th or 8th year of an "expansion" and there must be some "contraction" in the near future. He asked all the finance people that prepare proformas on upcoming deals "is anyone including the inevitable recession in their 5 year proforma?" I saw two or three people raise their hands. One of those people was Bob Dreher of Praxis..