Southlake-based Napali Capital acquired the Westwood apartments in Dallas last month, increasing its Texas portfolio to three properties (PRNewsfoto/Napali Capital, LLC).
In an area where more affordable housing is dear, it’s becoming more and more rare to get a press release announcing that someone is entering that market in Dallas. But Napali Capital, a Southlake-based investment firm, has done just that — twice.
Last month, the private investment firm announced the acquisition of the Westwood Apartments, a 187-unit property consisting of one, two, and three-bedroom apartments. It’s adjacent to Briar Gate Park, and is near grocery stores, schools, and shopping.
It’s also not a luxury property. Neither is the Adira, the 164-unit property in Dallas Napali Capital acquired last November. Nor is the Monterrey, a property in Fort Worth the firm acquired in March 2017.
“I would say we’re more of a B class operator, and some C,” said Napali Capital co-founder and managing partner Dr. Thomas Black. “We’re not strictly affordable housing — I would say we’re more middle of the road.” (more…)