Source: NAPA Ventures / #Apartments #Multifamily
DALLAS, TX - Oates Creek and Parkside are 2 of the 8 properties NAPA is acquiring as part of a 1450 unit multifamily portfolio acquisition in Dallas – Fort Worth metro area. Dallas – Fort Worth MSA is ranked #3 in job growth in U.S. cities in 2015 according to Dallas Business Journal. NAPA will complete the acquisition of this entire portfolio by September of 2016.
Oates Creek Apartments is a 280-unit apartment community with one and two bedroom floorplans, located in Mesquite, Texas in north Dallas and minutes away from the Dallas Athletic Club, Audubon Park, and Mesquite Golf Club. Oates Creek is also located minutes away from Montecito Creek, a 650 unit apartment complex owned by NAPA. Oates Creek investment is a joint venture between NAPA and one of its existing & repeat equity partner, a family office with over $3 Billion worth of commercial real estate under its ownership.
Parkside Townhomes is a 144-unit apartment community with spacious two and three bedroom floor plans, located in Arlington, Texas and minutes away from Six Flags Over Texas, Dallas Cowboys and Texas Rangers stadiums. Parkside investment is a joint venture between NAPA & one of the nation's top crowd funding platforms. Equity capital was raised within days of publishing the content on their investments portal.
NAPA has plans to upgrade and renovate the exterior and interior of both of these properties to increase rents to market comparables and in return provide a great living experience to the residents in a booming Dallas – Fort Worth multifamily market. These updates include complete makeover of landscaping, pool decks, parking lots, exterior paint and a transformation of the leasing office by reconfiguring the interior layout & upgrading the business center. Interior unit renovations include upgrades to countertops, cabinets, paint and floors, and trendsetting black appliances.