By Anca Gagiuc
Dallas—Napali Capital announced it has acquired The Monterrey Apartments & Townhomes in Dallas from a private investor. The deal is part of the company’s long-term strategy to expand its portfolio and create passive income streams for its investors. The financial details of the transaction were not disclosed, but Yardi Matrix data shows Chun Keung Yue as the asset’s previous owner.
“We are thrilled to have closed this investment offering in Fort Worth, Texas. This offering will deliver solid double-digit returns to our investors. We will begin immediately implementing our business plan, which will improve operating performance and grow rental income,” Thomas Black, co-founder & managing partner of Napali Capital, said in a prepared statement.
The 105-unit community is situated on a 7.28-acre site at 7100 West Vickery Blvd. and comprises 14 two-story buildings. The unit mix includes 76 one-, two- and three-bedroom apartments and 29 two- and three-bedroom townhomes averaging 859 square feet. Unit amenities include vaulted ceilings, ceiling fans, double vanities, walk-in closets and private balconies. Common area amenities include a swimming pool and picnic area.
The acquisition of The Monterrey Apartments & Townhomes brings Napali Capital’s portfolio to 11 properties.
Images courtesy of Yardi Matrix