Napali Capital Returns to Atlanta Metro
As was the case with previous acquisition in the area, Napali plans to invest in improvements at the re-branded property.
By Tudor Scolca
Residences at Towne Crossing
Napali Capital has acquired another community in the Atlanta metropolitan area. The 113-unit Brandywine at Lafayette was sold by Stratford Capital Group, which previously acquired the asset in 2008, for $6.7 million.
The transaction represents Napali’s fourth investment in the state of Georgia, coming on the heels of another recent multifamily acquisition.
Brandywine is a Class B property comprising 55 one-bedroom and 58 two-bedroom units. Common amenities include a tennis court, a swimming pool and 250 parking spaces. According to Yardi Matrix, the property is 95 percent occupied and monthly rents average $968.
Rebranding
Brandywine is about 25 miles south of Atlanta, at 160 Belle Drive, in Fayetteville. State routes 54 and 85 are nearby and provide access to the metropolitan area. The neighborhood includes several health-care facilities, retailers and restaurants near West Lanier Avenue (Route 54). Employers in the area include Emory University and Healthcare, Delta Airlines and AT&T.
Napali Capital plans to implement the same strategy as it did with its previous investment in the state. The community will be rebranded as Residences at Towne Crossing and the company plans to invest approximately $540,000 in a renovation program of unit modernization, landscaping upgrades and amenity improvements.
“Brandywine at Lafayette is a quality asset in an area of consistent economic and population growth. And since the inventory in the area is limited, it allows for a favorable outlook for our investors,” said Thomas Black, co-founder & managing partner at Napali, in a prepared statement.
As with its previous investment, the buyer has selected Strategic Managing Partners to handle management at the property.
Image courtesy of Yardi Matrix
