SAN FRANCISCO, CA - RealtyShares, a leading online marketplace for real estate crowdfunding, has closed a major multifamily property investment led by the Network Acquisition Partnership Alliance, also known as NAPA Ventures. The investment will fund the acquisition, renovation and repositioning of the Westwood Apartments, a 187-unit complex comprising 25 residential buildings and a leasing office on a 9.4 acre site in Dallas.
NAPA Ventures is a multifamily and commercial real estate investment company based in Texas, with a growing portfolio of holdings in the Lone Star state and other rapidly growing markets. With extensive experience in the Dallas real estate market, NAPA is well-positioned to manage the entire development process, from acquiring the property, to renovating units and upgrading community amenities, to repositioning the apartments for rental and sale.
"Crowdfunding has certainly changed the landscape of real estate investments, and we are glad to have partnered with RealtyShares, which is on the forefront of this movement,” said Shravan Parsi, Co-CEO and Principal of NAPA Ventures. “From launch to close, the traditional capital raising process is chaotic, time-consuming and involves expensive legal work. With RealtyShares we raised capital within days of listing our sponsored deal, and we were able to seamlessly send information to investors, disseminate funds and close documents through the platform."
Through the RealtyShares platform, investors from across the country are participating in the NAPA Ventures sponsored deal. The firm has been active in the Dallas area, raising $2.6 million from online investors for an Arlington property in July.
“NAPA has been able to raise nearly $5 million in capital in the past 60 days on the RealtyShares platform, affording investors access to real estate opportunities that potentially would never have been possible before,” said Brian Esquivel, Director of Commercial Equity Investments at RealtyShares. "This property was sold off-market by an out-of-state seller, as part of a larger package that NAPA will acquire over several months. Located in a rapidly developing area with a stabilized workforce, this is a possible prime opportunity for investors to tap into. NAPA continues to offer valuable assets to our network of investors."
The RealtyShares platform also participated in a Grand Prairie, Texas project in June. To date, RealtyShares’ network of accredited investors have funded more than $150 million worth of investments in more than 2000 properties.
Source: RealtyShares / #RealEstate #Crowdfunding