Napali Acquires 2nd GA Community
The company purchased Forest Park Manor, a 100-unit property in Forest Park, and plans to rebrand it as Residences at Stonebrook.
By IvyLee Rosario
Forest Park Manor
Napali Capital acquired Forest Park Manor, a two-story multifamily community in Forest Park, Ga. This purchase marks the second property in Georgia for Napali, after the purchase of Mountain Lake Apartments in Stone Mountain. The acquisition is part of the company’s ongoing strategy to expand its real estate portfolio and generate passive income streams for its investors.
Located at 507 Georgia Ave., the 100-unit community features 13 buildings comprising one-, two- and three-bedroom floorplans ranging from 611 to 1,010 square feet. Features of Forest Park Manor include washer/dryer hookups in the two-bedroom units, a swimming pool, laundry facilities and 210 parking spaces.
Georgia’s Rental Strength
“We are thrilled to have closed this investment offering in Forest Park, Ga.,” said Thomas Black, co-founder & managing partner of Napali Capital. “We will begin immediately implementing our business plan, which will improve operating performance and grow rental income. We fully expect solid double-digit returns to our investors.”
The company plans on rebranding the community to Residences at Stonebrook and will invest in property updates such as new landscaping, play structures and water splash pad, as well as picnic amenities including pergolas and grills. In close proximity to Interstates 75, 85 and 285, Forest Park is close to downtown Atlanta and offers easy access to major employers such as Hartsfield-Jackson Atlanta International Airport, Southern Regional Medical Center, Georgia Power Co. and Clayton State University.
Rental apartment occupancy in Atlanta remains strong at 94.4 percent, reflecting robust apartment demand, according to research conducted by Napali. Annual rent growth hit 5.8 percent as of mid-2017, putting Atlanta among the top performing rental markets in the U.S. Strong demand for rental apartments comes from population and job growth in the region, with Atlanta adding more jobs than any other U.S. metropolitan area in the year ending April 2017.
Image courtesy of Yardi Matrix
