Austin Investor Acquires 10th Property in DFW
NAPA Ventures plans to renovate both the exterior and interior of The Falls Apartments, its newly acquired 208-unit property in metro Dallas.
By Dees Stribling, Contributing Editor
Network Acquisition Partnership Alliance LLC (NAPA Ventures) acquired The Falls Apartments, a 208-unit property in metro Dallas. The community, which is off the Lyndon B. Johnson Freeway in the west Dallas suburb of Mesquite. The deal was mediated by Wellington Realty’s Caleb Jones, Tammy Shaffer, Ben Onderdonk and David Shaffer, who also procured the buyer.
NAPA plans to renovate the exterior and interior of the property, located at 9797 Bruton Road. The updates will include a makeover of its landscaping, pool decks, parking lots, and exterior paint and upgrading both the leasing office and business center. Unit renovations will include upgrades to countertops, cabinets and floors.
“We plan to breathe some life into this property. The Falls and its immediate submarket is in the process of extreme growth, and we want to be a part of that,” said Shravan Parsi. Along with Glenn Gonzales, Parsi co-founded the Austin-based NAPA, whose holdings are in major Texas metros.
The Falls Apartments is the first property that NAPA has closed on in 2017 in greater Dallas and the third asset the company has closed on in the past three months. “The asset increases our footprint in Dallas, which has been a strategic move since the beginning,” said Parsi. The company now owns 10 apartments in the DFW MSA.
Recently, the company also acquired Eagle Pointe and Pleasant Creek Apartments in greater Dallas. Next, NAPA plans to buy two properties in Corpus Christi, in deals that are slated to close in July.