DALLAS, TX - Napali Capital, a leading real estate investment company, announced the acquisition of Adira Apartment homes (Adira) in Dallas. The purchase of Adira is part of Napali Capital's ongoing strategy to expand its real estate portfolio with qualified assets to generate sustainable passive income streams for its accredited investors. This is the company's first property in Dallas and sixth in Texas.
Adira is a 12-building, 164-unit, gated community featuring apartment homes ranging from one- to three-bedroom. It is located along Interstate 20, just 15 minutes south of downtown Dallas in the Red Bird area of the city and has more than 10 major distribution centers including Home Depot, Walmart, Amazon, Kohl's, FedEx, Conn's and Penske within a three-mile radius of the property.
Napali Capital has planned $600,000 in capital improvements including the addition of new landscaping, covered pergolas with grilling stations and children's play equipment. Select units also will receive cabinets, countertops, light fixtures and kitchen appliance upgrades.
Napali Capital invests only in areas with a strong economic base, high job growth and low unemployment. South Dallas' apartment market has seen steady growth with average effective rent increasing every year since 2012, and current and planned developments and economic growth are pushing rental rates in the area to record levels.
"The ongoing expansion in this area, both economic and residential, positions Adira as an ideal investment opportunity," says Napali Capital co-founder and Managing Partner, Thomas Black, M.D. "Considering this and the planned property improvements, we are very enthusiastic about the projected equity and return to our investors."
Source: Napali Capital / #Apartments #Multifamily