NAPA Ventures Announces Acquisition of Brandon Mill and Ravenwood Apartments
Oct 13, 2016
DALLAS and FORT WORTH, Texas, Oct. 13, 2016 /PRNewswire/ -- Network Acquisition Partnership Alliance LLC, or 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 Brandon Mill Apartments, Dallas, TX and Ravenwood Apartments, Fort Worth, TX.
"As a team we are thrilled about the acquisition of Brandon Mill and Ravenwood which is part of our 1450-unit multifamily portfolio containing eight properties in Dallas and Fort Worth MSA," said Shravan Parsi, Co-CEO of NAPA.
DFW MSA is No. 3 in population growth in U.S. cities in 2016 according to Realtor Magazine, "which gives us (NAPA) great confidence in the purchase of these properties," Parsi said.
Ravenwood, a garden style apartment community, is comprised of 122 spacious one, two, and three bedroom floorplans, located in Fort Worth, TX, minutes away from Six Flags Over Texas, Dallas Cowboys and Texas Rangers stadiums and is in close proximity to Parkside Townhomes (144 units) and Woodbridge Townhomes (91 units) which were both recently purchased by NAPA in September 2016.
Brandon Mill, the largest of the "Dallas Eight," is a 300-unit apartment community with two and three bedroom floorplans, located in Dallas, TX conveniently close to major employers such as PepsiCo, L'Oreal, and Proctor & Gamble. The apartment community is located just minutes from Highway 67.
"With our deep knowledge of multifamily acquisitions and renovations, coupled with our innovated way of funding projects we are confident that we will be successful with this portfolio," said Glenn Gonzales, Co-CEO of NAPA. "Our combined 50 years of experience in multifamily and our well designed business plan is what sets us apart."
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.
The multifamily acquisitions company has completed the acquisition process for six of its "Dallas Eight," and is set to close the remaining two properties by the end of October 2016.
NAPA has a strong pipeline of Multifamily & CRE deals with planned off-market acquisitions in all the major markets of Texas.
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