NAPA Successfully Acquires Oats Creek in Mesquite, Texas
July 08, 2016
Network Acquisition Partnership Alliance, LLC (NAPA) has acquired Oates Creek Apartments, a 280-unit apartment community with one and two bedroom options for $15.5 million in Mesquite, Texas. Built in 1984, located at 1805 Oates Drive near Interstate 635 and Interstate 30. It is conveniently minutes away from the Dallas Athletic Club, Audubon Park, and Mesquite Golf Club.
Oates Creek represents the first of eight properties of a portfolio in the Dallas-Fort Worth Metroplex area. NAPA will complete the entire acquisition of this portfolio by September of 2016. NAPAâs strategy for Oates Creek Apartments is to spend $2.2MM for an extensive renovation over 12 months. The plan will add value to the property and make it more competitive in the market. It is currently underperforming.
This will include a complete transformation of the leasing office by reconfiguring the interior layout; new kitchen, business center leasing stations and views. Interior renovations include upgrades to countertops, cabinets, paint and floors, and trendsetting black appliances. The exterior will get a complete makeover in landscaping, pool decks, parking lots, and new roof.
Furthermore, NAPA has strategically decided to hire a new management team, Sherron Associates to enhance the operational functions. With the combined efforts and experience of NAPA and Sherron Associates Inc, Oates Creek Apartments will turn around this underperforming asset to a polish asset.
For additional information about this transaction and renovation plans, please contact NAPA at .
About Network Acquisition Partnership Alliance
NAPA is a multifamily and commercial real estate investment company focused on the acquisition, rehabilitation and operation of value-add and core asset investment properties in Texas.
The NAPA team currently owns 1,733 units with an additional 1,159 units under contract. In addition to multiple ground-up multifamily projects under development near downtown Austin & in Cedar Park, a suburb of Austin. Additionally, NAPA owns commercial land near the Circuit of the Americas Formula 1 Race Track. For further information on NAPA, please visit www.napa-ventures.com