FORT WORTH, TX – With a commitment to honor the history of the Garvey-Viehl-Kelley Residence, San Antonio-based Embrey Partners has broken ground on the Kelley at Samuels Ave, a 10-acre, 353-unit, Class A multifamily community in Fort Worth, Texas. As part of the Kelley at Samuels Ave development, Embrey Partners is restoring the original 1884 Queen Anne home, a recorded Texas Historic Landmark, which will showcase its beauty as the property’s on-site leasing office.

The Garvey Residence on Samuels Avenue is arguably one of the finest Victorian era homes still standing in Fort Worth, located on property that has witnessed the birth and growth of the city from its earliest days. Rumor is that a young Ginger Rogers practiced dance routines in its parlor.

“This gorgeous home is too vital in the history of Fort Worth to allow it to continue to deteriorate,” said John Kirk, Embrey’s executive vice president of development. “We are excited to bring back such a rare jewel from its current state of abandonment and to have it be an integral part of our overall project.” 

In addition to restoring the Garvey Residence, Embrey will be donating and assisting with the relocation of the historic Talbott-Wall house located on the property to a lot nearby on Samuels Avenue. Embrey has worked extensively with Historic Fort Worth, Texas Historic Commission and the US Army Corps of Engineers to help preserve this part of Fort Worth history.

“Embrey has exemplified how developers and preservationists can work together,” said Jerre Tracy, executive director, Historic Fort Worth, Inc.

The Kelley will be adjacent to the original house and will feature spectacularly stunning views of the Fort Worth skyline, adjacent Trinity River and the future Trinity River Vision project, according to Kirk. “The view will be hard to replicate anywhere else in the city,” he said. Located in what was once one of Fort Worth’s wealthiest areas, the property is in a re-emerging core neighborhood along the path of growth.

Embrey’s plans feature both luxury apartments and townhomes with attached garages with an urban farmhouse architectural theme designed to complement the original structures from the area. The community will incorporate a dedicated amenity building featuring a business lounge, game room and upscale fitness center with a spin room, on demand workout zone and yoga courtyard.  Extensive outdoor amenities will include an infinity-edge pool with expansive views of downtown, a community biergarten, multiple dog parks and a pet washing station. The one- and two-bedroom, upscale apartments will average 914-square-feet and include attached garages, private backyards and surface parking. Occupancy is slated for Spring 2018.

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TULSA, OK – NAPA Ventures an Austin, TX based multifamily and commercial real estate investment company co-founded by Shravan Parsi and Glenn Gonzales, announces the acquisition of Prescott Woods Apartments.

Prescott Woods Apartments is the latest investment made by the real estate investment firm. The property is composed of 256-units, leasing office, and multiple amenities located off the banks of the Arkansas River.

We have a strong footprint in multiple Texas markets,” said Shravan Parsi, Co-CEO of NAPA. “It was time for us (NAPA) to expand our portfolio into another state and another strong market.”

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, “Prescott Woods immediate submarket is in the process of revitalization and NAPA wants to be a part of that.”

With the closing of this property, NAPA is set to close one property in Dallas, TX by mid-June 2017 and a portfolio 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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CHICAGO, IL – CIM Group announced that it has bought two newly-constructed buildings at 1643 North Milwaukee Avenue, a mixed-use residential, office, and retail building completed in 2016, and 1237 North Milwaukee Avenue, a mixed-use residential and retail building that just received a Certificate of Occupancy. The buildings are conveniently located in Wicker Park in the Near North Side area of Chicago.

The two buildings consist of a total of 96 apartment units, six of which are affordable, approximately 23,000 square feet of street level retail along North Milwaukee Avenue, and approximately 17,400 square feet of creative office space in 1643 North Milwaukee.

1643 North Milwaukee is located two blocks from the Damen stop on the L’s Blue line, with direct access to both downtown Chicago and O’Hare International Airport. Directly across from 1237 North Milwaukee is the Division stop on the L’s Blue Line, one stop closer to the Loop from the Damen stop for a small commute into downtown, Fulton Market and the West Loop.

In recent years, Wicker Park has transformed to become a hub of culture and entertainment within Chicago as well as home to new residential units served by an array of retailers ranging from boutiques to daily needs providers and services, with a host of dining options including well loved bars, restaurants and quick-serve food outlets.

“CIM’s community-focused approach to urban investing and our various investment strategies have allowed us to build a diverse real estate portfolio in Chicago, which includes ground-up development, stabilized buildings, marquee assets as well as other community-serving properties encompassing a range of property types in both well-established neighborhoods and transitional areas like Wicker Park,” said Avi Shemesh, Principal and Co-Founder of CIM Group.

CIM identified the Chicago area more than a decade ago as a community that possesses the attributes that fit its investment strategy. The acquisition of these two properties continues the firm’s investment program in Chicago. CIM Group currently has approximately 3.4 million square feet of properties in the city including the Tribune Tower, Block Thirty Seven, Marquee at Block 37, 440 South La Salle, 1001 S State, 625 N Michigan, 1550 N Clark, and 1326 S Michigan, which is currently under development.

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