DALLAS, TX - NAPA Ventures, an Austin, Texas based multifamily and commercial real estate investment company co-founded by Shravan Parsi and Glenn Gonzales, announced the acquisition of The Falls Apartments.
The Falls is the latest investment made by the real estate investment firm. The property is composed of 208-units, a leasing office, and multiple amenities located conveniently off the Lyndon B. Johnson Freeway.
The Falls Apartments is the first property that NAPA has closed on in 2017 in Dallas and the third asset the acquisitions company has closed on in the past three months.
"The closing of this asset increases our footprint in Dallas which has been a strategic move since the beginning," said Shravan Parsi, Co-CEO of NAPA. "We now have 10 total assets in DFW MSA under ownership."
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, "The Falls and its immediate submarket (Mesquite, TX) is in the process of extreme growth and NAPA wants to be a part of that."
With the closing of this property, NAPA is set to close two properties 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.