Real estate crowdfunding platform RealtyShares announced on Thursday investors on its website have raised a total of $2.6 million for Parkside Townhomes, a 144-unit multifamily complex in Arlington, Texas. It was revealed a 98 accredited investors participated in the equity offering, averaging more than $25,000 per investment. RealtyShares reported that 17 participants hail from Texas.
RealtyShares worked alongside with sponsor and investment firm, Network Acquisition Partnership Alliance (NAPA), during the investment round. Brian Esquivel, director of equity investments at RealtyShares, stated:
“Parkside Townhomes provides our investors with an opportunity to partner with an experienced Texas-based apartment owner in the renovation and repositioning of a stabilized asset in a strong submarket within the Dallas-Fort Worth Metroplex. We’re excited to have closed our first transaction with NAPA, funding more than $2.6 million into the joint venture. We continue to look favorably on the DFW market and are actively seeking partnership opportunities across a variety of asset classes.”
NAPA noted it is planning to update 72 of the complex’s 144 units over the investment’s first two years by improving the interiors of the units as well as the exterior and common areas of the property. The community is located minutes away from I-30, I- 360, the new Dallas Cowboys Stadium, Ameriquest Field, Six Flags, and Hurricane Harbor. The complex offers two and three-bedroom, pet-friendly suites.
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