Morgan Manor Sells, NAPA Ventures Ends Three-Year Hold

NAPA Ventures LLC ended its three-year hold on Morgan Manor apartments, selling the 150-unit apartment complex to a San Antonio private buyer. The renovated property is one of six market assets that the Austin-headquartered NAPA Ventures wants to close by the end of 2017.

Morgan Manor’s sales price was not disclosed, with the property at 7135 Oaklawn Dr. assessed at $6.9 million. NAPA Ventures acquired the asset in fall 2014 as a value-add project. Glenn Gonzales, co-CEO of NAPA, indicated that the property was in huge distress, with occupancy at 50%. NAPA commenced updates including landscape renovations, exterior paint and lighting improvements, and interior unit renovations.

Morgan Manor has one, two and three-bedroom floor plans, ranging from 482 to 1,205 square feet. On-site features include laundry facilities.

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