SAN ANTONIO, Nov. 29, 2017 /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 Morgan Manor Apartments.
Morgan Manor is the latest disposition done by the real estate investment firm. The property is composed of 150-units, a leasing office, and multiple amenities located off the interstate 37, San Antonio, TX.
“As simple as it sounds we executed our plan and sold the asset,” said Glenn Gonzales, Co-CEO of NAPA. “When we bought the property (Morgan Manor) we honestly wondered, ‘can we pull this deal off?'”
Gonzales said, the property was under such destress with the previous ownership that he saw the value in it. There were units that were “down” and not habitable at the time. The property was occupied at 50% which is well below the industry accepted 95%, however, this didn’t deter Gonzales.
NAPA’s business plan going into the initial investment was to renovate the exterior of buildings and interior units of Morgan Manor 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.
“We do three things very well – find value where others can’t, fix things that are broken and make investors happy. That is what we did here,” said Shravan Parsi, Co-CEO of NAPA. “We plan to repeat this process many times.”
With the disposition of Morgan Manor, NAPA is set to close five more off market assets in Dallas, TX in Dec. 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