Source: Napali Capital / #Apartments #Multifamily
SOUTHLAKE, TX - Napali Capital announced the acquisition of Westwood Apartments in Dallas. The 187-unit property is located southwest of the city and just minutes from downtown. This acquisition brings the company's current portfolio total to eight properties, with three of these located in the DFW metroplex.
Westwood Apartments was built in 1969 and consists of 187 one, two, and three-bedroom units divided among 15 buildings. It is situated adjacent to Briar Gate Park and is near schools, Fiesta Supermarket, and many other retail and dining establishments. The popular Bishops Arts District is also just five miles away, offering residents additional dining and entertainment options.
Napali Capital plans to immediately rebrand Westwood Apartments and invest more than $400,000 for property upgrades and amenity improvements over the next 12 months. The company will retain Place 10 Residential to continue daily onsite management.
"DFW continues to present a wealth of opportunity for our company and investors," said Napali Capital co-founder and Managing Partner, Thomas Black, M.D. "This area in particular is positioned for impressive growth over the next several years, and we are excited to be part of it."
The area surrounding Westwood Apartments is poised for massive growth. Dallas' GrowSouth Strategy aims to jumpstart local growth of that will to continue throughout the next several years through added infrastructure and capital improvements to bring businesses, additional public transportation and an increased demand for housing the area. Directly south of the apartments is the RedBird area, which also is experiencing revitalization through redevelopment.
This purchase aligns with Napali Capital's strategy to acquire properties in areas with a strong economic base, low unemployment and job growth. In addition to Texas, Napali Capital currently owns properties in Georgia and plans to enter the Charlotte, North Carolina, market later this month.