DALLAS, TX - Network Acquisition Partnership Alliance, popularly known as NAPA or NAPA Ventures, an Austin based Multifamily and Commercial Real Estate investment company co-founded by Glenn Gonzales and Shravan Parsi, announced acquisition of Woodbridge Townhomes in Arlington, TX and Westwood Apartments in Dallas, TX.
Woodbridge and Westwood are 2 of the 8 properties NAPA is acquiring as part of a 1450 unit multifamily portfolio acquisition in Dallas – Fort Worth MSA. NAPA has completed the acquisition of 4 of the 8 properties, and ready to close the remaining 4 properties in September 2016. DFW MSA is ranked #3 in job growth in U.S. cities in 2015 according to Dallas Business Journal.
Woodbridge Townhomes is a 91-unit apartment community with spacious one and two bedroom floorplans, located in Arlington, Texas, minutes away from Six Flags Over Texas, Dallas Cowboys and Texas Rangers stadiums and in close proximity to Parkside Townhomes, a 144 unit property owned by NAPA. Woodbridge investment is a joint venture between NAPA and nation's one of the top crowd funding platforms. Equity capital was raised within days of publishing the content on their investment portal. PNC, a Fannie Mae DUS lender has provided the financing.
Westwood Apartments is a 187-unit apartment community with one, two and three bedroom floorplans, located in Dallas, Texas conveniently located close to major employers, shopping, restaurants and entertainment. Pecan Grove Park, a 15 acre community park with picnic areas, sport courts and a playground is a mile away from this property. Westwood investment is a joint venture between NAPA and nation's one of the top crowd funding platforms. Arbor, a Fannie Mae DUS lender has provided the financing.
NAPA's business plan is to renovate the exterior and interior of the properties to increase rents to market comparables and in return provide a great living experience to the residents. 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 and upgrading the business center. Interior unit renovations include upgrades to countertops, cabinets, paint and floors, and trendsetting black appliances.
Source: NAPA Ventures / #Apartments #Multifamily