NAPA Ventures Expands Dallas-Fort Worth Portfolio
The investment firm now owns more than 1,400 units in one of the nation's fastest-growing metro areas.
Dallas-Forth Worth—Austin-based Network Acquisition Partnership Alliance LLC (NAPA Ventures) is building up its presence in the Lone Star State with the acquisition of two multifamily communities, Brandon Mill Apartments in Dallas and Ravenwood Apartments in Fort Worth.
The purchase brings NAPA Venture’s portfolio to 1,450 multifamily units across eight properties in the Dallas-Fort Worth metro area, according to Shravan Parsi, the co-founder & co-CEO of NAPA with Glenn Gonzales.
The DFW metro area is attractive to many multifamily investors because of its strong population and job growth. The area ranks No. 3 in population growth for 2106, according to Realtor Magazine.
Ravenwood is a 122-unit, garden-style community offering one-, two- and three-bedroom residences. Located in Fort Worth, the property is minutes from Six Flags Over Texas and the Dallas Cowboys and Texas Rangers stadiums, and in close proximity to Parkside Townhomes and Woodbridge Townhomes, which NAPA just purchased last month.
Brandon Mill, the largest of the firm’s Dallas properties, is a 300-unit community with two- and three-bedroom floor plans. It is close to major employers such as PepsiCo, L’Oreal and Proctor & Gamble, and is minutes from Highway 67.
NAPA plans to renovate the interior and exterior of the properties to increase profitability and improve the qualify of living for residents. Updates will include a makeover of landscaping, pool decks and parking lots as well as exterior paint and upgrades to the leasing office and business center. Interior renovations will include upgrades to countertops, cabinets, floors and appliances.
The company has closed the acquisition of six of its “Dallas Eight” properties, and is set to close the remaining two by the end of this month. Other properties in the portfolio include Oates Creek Apartments, a 280-unit community in Mesquite, Texas, that the firm acquired this August; and Westwood Apartments, a 187-unit community in Dallas.
For the Westwood Apartments acquisition, NAPA raised $2.1 million on real estate crowdfunding platform RealtyShares. The firm also raised $2.6 million for the Parkside Townhomes acquisition, Crowdfund Insider reported.
“With RealtyShares, we raised capital within days of listing our sponsored deal, and we were able to seamlessly send information to investors, disseminate funds and close documents through the platform,” Parsi told Crowdfund Insider. The firm has raised nearly $5 million in capital in the past few months using the platform, according to the report.
NAPA Ventures’ total portfolio includes more than 2,556 units, with an additional 737 units under contract to acquire in the next quarter. The firm is also planning a ground-up development of luxury condos close to downtown Austin called The Lofts at 12th.