Source: NAPA Ventures / #Apartments #Multifamily
TULSA, OK - NAPA Ventures an Austin, TX based multifamily and commercial real estate investment company co-founded by Shravan Parsi and Glenn Gonzales, announces the acquisition of Prescott Woods Apartments.
Prescott Woods Apartments is the latest investment made by the real estate investment firm. The property is composed of 256-units, leasing office, and multiple amenities located off the banks of the Arkansas River.
We have a strong footprint in multiple Texas markets," said Shravan Parsi, Co-CEO of NAPA. "It was time for us (NAPA) to expand our portfolio into another state and another strong market."
NAPA's business plan is to renovate the exterior and interior of its properties to increase profitability and provide a great living experience for its residents. These updates include a makeover of landscaping, pool decks, parking lots, exterior paint and upgrading both the leasing office and business center. Interior unit renovations include: upgrades to countertops, cabinets, floors, and trendsetting black appliances.
"We plan to breathe some life into this property." Parsi said, "Prescott Woods immediate submarket is in the process of revitalization and NAPA wants to be a part of that."
With the closing of this property, NAPA is set to close one property in Dallas, TX by mid-June 2017 and a portfolio in Corpus Christi, TX in July 2017.
NAPA has a strong pipeline of Multifamily & CRE deals with planned off-market acquisitions in all the major markets of Texas.