June 28, 2017
NAPA Ventures LLC, headquartered in Austin, acquired the 208-unit Falls Apartments in Dallas. The sales price for the asset at 9797 Bruton Rd. was undisclosed. The property is valued at $8.1 million, with the seller of record listed as OMNI AG The Falls LLC, of Dallas.
The Falls is NAPA Ventures’ third closing since early 2017. The new owners’ plan is to renovate the property to increase profitability. Updates will include renovating the landscaping, pool decks, parking lots and exterior, as well as upgrading the leasing office and business center. NAPA also plans interior unit renovations.
NAPA’s pipeline includes two properties in Corpus Christi, TX, which are anticipated to close in July 2017.
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