NAPA Ventures Expands Its Footprint Into Oklahoma With The Acquisition of Prescott Woods Apartments
May 16, 2017
Tulsa, OK, May 16, 2017 NAPA Ventures LLC an Austin, TX based multifamily and commercial real estate investment company co-founded by Shravan Parsi and Glenn Gonzales, announces the acquisition of Prescott Woods Apartments.
Prescott Woods Apartments is the latest investment made by the real estate investment firm. The property is composed of 256-units, leasing office, and multiple amenities located off the banks of the Arkansas River.
âWe have a strong footprint in multiple Texas markets,â said Shravan Parsi, Co-CEO of NAPA. âItâs time for us (NAPA) to expand our portfolio into another state and another strong market.â
NAPAâs 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.
âWe plan to breathe some life into this property.â Parsi said, âPrescott Woods immediate submarket is in the process of gentrification and NAPA wants to be a part of that.â
With the closing of this property, NAPA is set to close one property in Dallas, TX by the mid-June 2017 and a portfolio in Corpus Christi, TX in July 2017.
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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