LAKE JACKSON, Texas, May 9, 2017 /PRNewswire/ -- Network Acquisition Partnership Alliance LLC, or NAPA Ventures, an Austin, TX based multifamily and commercial real estate investment company co-founded by Glenn Gonzales and Shravan Parsi, announces the acquisition of Treasure Bay and Oyster Creek Apartments.
Oyster Creek and Treasure Bay Apartments are the latest two investments made by the real estate investment firm. The properties are a combined 401-units located conveniently off the Nolan Ryan Express Way. The units were purchased in partnership with a Dallas based private equity group.
"We are excited about our strategic move into this submarket," said Shravan Parsi, Co-CEO of NAPA. "We are confident in the Lake Jackson and Free Port markets and know we will achieve our value-add goals there."
Parsi said, Lake Jackson is going to see significant growth in the next five years due to large companies like Dow Chemical, MEGlobal, Phillips 66 and BASF investing over $5 billion in new plants. This is estimated to bring over 6,000 new jobs to the market.
NAPA's 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.
With the closing of this portfolio, NAPA is set to close one property in Tulsa, OK by the end of May 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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SOURCE NAPA Ventures