DALLAS, Jan. 17, 2019 /PRNewswire/ — NAPA Ventures LLC an Austin, TX based multifamily and commercial real estate investment company co-founded by Shravan Parsi and Glenn Gonzales, announces the sale of four of their assets – Westwood Apartments, Ravenwood Apartments, Oates Creek Apartments and Brandon Mill Apartments.
Combined these units make up roughly 700 of NAPA’s nearly 4000-unit portfolio. These four assets are the latest dispositions done by the real estate investment firm.
“As simple as it sounds, we executed our business plan and sold the assets,” said Glenn Gonzales, Co-CEO of NAPA. “A hot Dallas market coupled with years of experience has led us to great success here.”
DFW is one of the top performing metro economies in the USA. NAPA off market portfolio acquisition put NAPA Ventures on the national scene in 2016 with the acquisition of eight off market deals all closed in nine months’ time.
NAPA is now reaping the rewards of its hard work in 2015-2017 as they leveraged relationships to purchase an eight property portfolio off market in the DFW MSA. After renovating the properties and implementing a precise value add business plan, the CEO duo decided it was time to sell some of its assets.
NAPA’s business plan going in was to renovate the exterior of buildings and interior units of each property to increase profitability and provide a great living experience for its residents. These updates include a tremendous improvement to amenities, makeover of landscaping, parking lots, exterior paint and upgrading the exterior lighting. Interior unit renovations include: upgrades to countertops, cabinets, floors, two-tone paint, and trendsetting black appliances.
“We do three things very well – we find value where others can’t, fix things that are broken and make our equity partner(s) happy. That is what we did here,” said Shravan Parsi, Co-CEO of NAPA. “NAPA planned to exit (Ravenwood, Oates Creek, Brandon Mill and Westwood) in three to five years from acquisition, however, we exceeded our three-year projected returns and exited the deal with much higher multiples and IRRs.”
Parsi added, “Ideas are great, but execution is everything: that’s exactly what NAPA did, right from acquiring the deals below the market value to implementing a capital improvements program on-time and capturing the value by bringing rents to market comparables.”
With the disposition of Ravenwood, Oates Creek, Brandon Mill and Westwood, NAPA is set to sell its 650-unit Montecito Creek Apartment Homes in Mesquite, TX and its 159-unit Pleasant Creek Apartments in Lancaster, TX in Q1 2019.
NAPA has a strong pipeline of Multifamily & CRE deals with planned off-market acquisitions in all the major markets of Texas.
To invest in our upcoming ventures please email: email@example.com
View original content to download multimedia:http://www.prnewswire.com/news-releases/napa-ventures-exits-four-apartment-complexes-in-dallas—fort-worth-metroplex-yielding-higher-than-projected-returns-300779569.html
SOURCE NAPA Ventures LLC