DALLAS, TX – NAPA Ventures, an Austin, Texas based multifamily and commercial real estate investment company co-founded by Shravan Parsi and Glenn Gonzales, announced the acquisition of The Falls Apartments.

The Falls is the latest investment made by the real estate investment firm. The property is composed of 208-units, a leasing office, and multiple amenities located conveniently off the Lyndon B. Johnson Freeway.

The Falls Apartments is the first property that NAPA has closed on in 2017 in Dallas and the third asset the acquisitions company has closed on in the past three months.

“The closing of this asset increases our footprint in Dallas which has been a strategic go since the beginning,” said Shravan Parsi, Co-CEO of NAPA. “We now have 10 total assets in DFW MSA under ownership.”

NAPA’s business plot is to renovate the exterior and interior of its properties to increase profitability and provide a fantastic 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.

“We plot to breathe some life into this property.” Parsi said, “The Falls and its immediate submarket (Mesquite, TX) is in the process of extreme growth and NAPA wants to be a part of that.”

With the closing of this property, NAPA is set to close two properties in Corpus Christi, TX in July 2017.

NAPA has a strong pipeline of Multifamily & CRE deals with plotted off-market acquisitions in all the major markets of Texas.

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DALLAS, TX – Twenty years ago, the South Side area was born when the historic Sears warehouse in Dallas’ Cedars neighborhood was bought and transformed into retail and loft apartments. Since that acquisition, historic buildings in the neighborhood continue to be repurposed, while at the same time developers are constructing new residential, retail, restaurants and entertainment venues as part of the wider GrowSouth revitalization efforts on the south side of downtown Dallas.

Today, the investment paid off for one developer. JPI, a leader in the development of Class A multi-family housing, sold South Side Flats by Jefferson to Waterton, a U.S. real estate investor and operator. Matthews Southwest, the catalyst developer for the South Side neighborhood, partnered with JPI on the community, which is the first newly constructed market-rate multi-family community built in the South Side area of the Cedars.

“South Side Flats is attractive to residents and investors alike, offering extensive modern amenities and services while maintaining an authentic neighborhood feel,” said Matt Brendel, senior vice president and development partner at JPI. “The performance of the community exceeded our expectations, due in part to the growth of the dynamic neighborhood and the community’s thoughtful urban design and higher level of service.”

CBRE brokered the sale of the community for JPI and Matthews Southwest. South Side Flats was developed and built by JPI in 2016 and sits on approximately 4 acres. The community’s best-in-class amenities include a rooftop lounge, pool with outdoor kitchen, fitness center, large clubhouse, private yards, downtown views, stained concrete floors, and smart home technology in select units.

“We are extremely pleased with the continued success of South Side Flats and the way the community contributes to the live/work/play vibrancy of the South Side area,” added Kristian Teleki, senior vice president at Matthews Southwest.  “Recently, other exciting additions, such as Full Circle Tavern’s expansion, La Taverna, the Alamo Draft House, David Weekly’s single family home development and Four Corners Brewery have joined South Side Flats to promote the lifestyle of the neighborhood we have worked many years to develop.”

Walkable points of interest also include the Cedars DART Light Rail Station, Omni Convention Center Hotel, Gilleys, Alamo Drafthouse, and the NYLO Hotel.

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CHARLESTON, SC – The Passage, a new luxury residential development in Charleston offers quality lifestyle opportunities in the sought-after neighborhood of Summerville. The 240-unit apartment community provides high-end amenities and is near one of Charleston’s fastest-growing corridors.

The Passage is developed and owned by Woodfield Investments and is managed by CF Real Estate Services.

“This community provides the lifestyle that the professionals who have come to work in this growth market expect to live,” said Brian Schick, Development Partner, Woodfield Investments. “The businesses that are operating in Summerville are attracting a professional who is looking for a different level of luxury. We have place careful thought into making an area that fosters a fulfilling daily life experience.”

The Passage presents residents an amenity package that includes a dog park, horseshoe pit and bocce ball, open-air cabanas, an in-pool sun shelf in a saltwater pool and fiber optic internet. Wellness benefits include yoga and spin studios, as well as instructor-led classes. The layout and square footage of the apartment homes in The Passage are significantly greater than average, and include the only studio floorplan in the submarket.

The community has begun pre-leasing activities, and officially opened June 8.

Woodfield Investments is a developer of Class A multifamily and mixed-use assets located throughout the Mid-Atlantic and Southeastern parts of the US. Woodfield currently has 2,621 units in the process of lease-up and stabilization, with another 3,000 under construction and an additional 2,500 units in the development pipeline.

With headquarters in Atlanta, GA, CF Real Estate Services is a vertically integrated multifamily real estate firm. Known as an industry leader, CF’s menu of services includes property management, asset management, and consulting.

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