Napali Capital Announces the Acquisition of 105-unit The Monterrey Apartments & Townhomes
Napali Capital has closed a contract to purchase The Monterrey Apartments & Townhomes in Fort Worth, Texas.
Dallas, Texas, March 6, 2017 — Napali Capital, a leading strategic real estate investment company, is pleased to announce the successful acquisition of The Monterrey Apartments & Townhomes, a 105-unit apartment community in Fort Worth, Texas. The multifamily property is located at 7100 W Vickery Boulevard and consists of 14 two-story residential buildings on a 7.28-acre site. The community features a mix of 76 one-, two- and three-bedroom apartments and 29 two- and three bedroom townhomes averaging 859 square feet.
The property is conveniently situated close to major thoroughfares, such as Southwest Boulevard and Interstate 20, and provides easy access to downtown Fort Worth and Dallas Fort Worth International Airport via the Chisholm Trail Parkway and upcoming TEXRail commuter rail line. It is also within close proximity to some of the region’s most notable employers and attractions, including Ridgmar Mall, Ridglea Country Club, South Z Boaz Park and Benbrook Lake.
Napali Capital’s acquisition of The Monterrey Apartments & Townhomes is part of its long-term strategy to grow its portfolio and strengthen its focus on creating passive income streams for its investors. MPF Research reveals occupancy in Fort Worth in Q3 of 2016 reached an all-time high of 96.3 percent, reflecting underlying market strength. Rising demand levels were due in part to strong job growth in the region. In 2016, Forbes Magazine ranked Dallas as third in its America’s Fastest-Growing Cities list.
Co-founder and Managing Partner of Napali Capital, Thomas Black, MD, said: “We are thrilled to have closed this investment offering in Fort Worth, Texas. This offering will deliver solid double-digit returns to our investors. We will begin immediately implementing our business plan, which will improve operating performance and grow rental income.”