Author Archives: ipgocorp

Despite some overbuilding concerns, more mixed-used planned in Radford

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(RECAP: A long-time local builder known for student housing plans to bring a mixed apartment and commercial space development to a property near Radford University that’s currently occupied by a laundromat and another building that formerly housed a Chinese restaurant. Under a company called East Radford Development Corporation, Price Williams Realty has been granted a special use permit by the city for its plans to build a multi-tale building that will house commercial tenants on the bottom floor and mostly one- and two-bedroom rental housing on the remaining floors. Despite the developers’ beliefs that Radford has an untapped rental housing market, their work hasn’t been free of doubters. Councilman Keith Marshall urged during the meeting that a study be performed to see if the city needs more of these kinds of developments. Despite other council members’ insistence to the contrary, he said he believes the development will turn into student housing because of its proximity to campus.)

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Bernanke sees good reasons for Fed to keep large balance sheet

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(RECAP: The Federal Reserve has long said it intends to shrink its balance sheet once the economy had gotten back on its feet from the financial crisis. But former Fed Chairman Ben Bernanke now thinks this nostalgia for the past might be a mistake. Bernanke said he came away from the Fed’s summer retreat in Jackson Hole convinced by experts that keeping a larger balance sheet, on balance, might be a smart thing to do. Bernanke said the large balance sheet could be a tool for enhancing financial stability. Facing stricter regulations, banks have a need for safe, liquid, assets. Instead of having the private market try to jerry-rig such assets, the Fed could offer its securities holdings to financial market participants when needed through reverse-repurchase agreements.)

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NAPA Ventures Acquires Two Multifamily Communities in Dallas-Fort Worth Metropolitan Area

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DALLAS, TX – Network Acquisition Partnership Alliance, popularly known as NAPA or NAPA Ventures, an Austin based Multifamily and Commercial Real Estate investment company co-founded by Glenn Gonzales and Shravan Parsi, announced acquisition of Woodbridge Townhomes in Arlington, TX and Westwood Apartments in Dallas, TX.

Woodbridge and Westwood are 2 of the 8 properties NAPA is acquiring as part of a 1450 unit multifamily portfolio acquisition in Dallas – Fort Worth MSA.  NAPA has completed the acquisition of 4 of the 8 properties, and ready to close the remaining 4 properties in September 2016. DFW MSA is ranked #3 in job growth in U.S. cities in 2015 according to Dallas Business Journal.

Woodbridge Townhomes is a 91-unit apartment community with spacious one and two bedroom floorplans, located in Arlington, Texas, minutes away from Six Flags Over Texas, Dallas Cowboys and Texas Rangers stadiums and in close proximity to Parkside Townhomes, a 144 unit property owned by NAPA. Woodbridge investment is a joint venture between NAPA and nation’s one of the top crowd funding platforms.  Equity capital was raised within days of publishing the content on their investment portal.  PNC, a Fannie Mae DUS lender has provided the financing.  

Westwood Apartments is a 187-unit apartment community with one, two and three bedroom floorplans, located in Dallas, Texas conveniently located close to major employers, shopping, restaurants and entertainment. Pecan Grove Park, a 15 acre community park with picnic areas, sport courts and a playground is a mile away from this property.  Westwood investment is a joint venture between NAPA and nation’s one of the top crowd funding platforms. Arbor, a Fannie Mae DUS lender has provided the financing.

NAPA’s business plot is to renovate the exterior and interior of the properties to increase rents to market comparables and in return provide a fantastic living experience to the residents. These updates include complete makeover of landscaping, pool decks, parking lots, exterior paint and a transformation of the leasing office by reconfiguring the interior layout and upgrading the business center.  Interior unit renovations include upgrades to countertops, cabinets, paint and floors, and trendsetting black appliances.

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