CORPUS CHRISTI, TX - 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 Yardarm Apartments.
Yardarm is the latest investment made by the real estate investment firm. The property is composed of 150-units, a leasing office, and multiple amenities located conveniently off the interstate 37.
Yardarm Apartments is the first property of a two-property portfolio that NAPA company will close in Corpus Christi in Q3.
"We have already put another property (The Shores) under contract in Corpus that we are seeking capital on," said Shravan Parsi, Co-CEO of NAPA. "This is a direct reflection of our knowledge in the market and the massive economic growth that is coming down the pipeline."
Parsi expects to see large growth in the market due to ExxonMobil Corp's building of the world's largest ethylene cracker plant ($12 billion project), construction of a new bridge ($1 billion project), and the construction of a level two trauma wing at Christus Spohn Hospital.
NAPA's business plan is to renovate the exterior of buildings and interior units of Yardarm and The Shores 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," said Glenn Gonzales, Co-CEO of NAPA. "Yardarm and its immediate submarket is in the process of extreme growth and NAPA wants to be a part of that."