DALLAS, March 23, 2018 /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 Parkside Townhomes.
Parkside is the latest disposition done by the real estate investment firm. The property is composed of 144 townhome units, a leasing office, and multiple amenities located off Fielder road in proximity to Dallas Cowboys stadium, AT&T Stadium, Six Flags, and Texas Rangers Stadium.
"We do three things very well – 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 Parkside in three years, however, we exceeded our three year projected returns and exited the deal with higher multiple & IRR in 19 months."
"As simple as it sounds we executed our business plan and sold the asset," said Glenn Gonzales, Co-CEO of NAPA.
NAPA's business plan going in was to renovate the exterior of buildings and interior units of Parkside to increase profitability and provide a great living experience for its residents. These updates include a makeover of landscaping, parking lots, exterior paint and upgrading the exterior lighting. Interior unit renovations include: upgrades to countertops, cabinets, floors, and trendsetting black appliances.
With the disposition of Parkside Townhomes, NAPA is set to sell its 327 unit Santa Fe Place Apartment Homes in San Antonio, TX in 2Q 2018, the property is currently being marketed.
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 LLC