Napali Nabs Atlanta-Area Community
The deal is in line with the company’s long-term plan to grow its portfolio and strengthen its focus on creating passive income streams for its investors.
By Evelina Croitoru
Real estate investment company, Napali Capital, has purchased Mountain Lake Apartments, a 284-unit community situated in Stone Mountain, roughly 20 miles away from Atlanta. The deal is in keeping with Napali’s long-term strategy to grow its portfolio and strengthen its focus on creating passive income streams for its investors.
Located at 1401 North Hairston Road, the property encompasses 22 two-story residential buildings located on a roughly 24-acre land parcel. The unit mix consists of one-, two- and three-bedroom apartments ranging in size from 880 to 1,468 square feet. The residential asset also offers controlled access, waterscape, a business center, a clubhouse, a tennis court, a volleyball court, two swimming pools and 400 parking stalls.
An opportunity for solid returns
Mountain Lake is situated in the vicinity of major thoroughfares such as Stone Mountain Freeway/State Road 410 and Interstate 285. Additionally, the asset is close to North Gwinnett, Perimeter Center and Hartsfield-Jackson International Airport and key employers including DeKalb Medical Center Hillandale, Tucker-Stone Mountain Industrial Park, Northlake retail and business district, Smoke Rise Country Club. The property was 92.3 percent occupied as of May 2017, according to Yardi Matrix.
“This offering will deliver solid double digit returns to our investors. We will begin immediately implementing our business plan, which will improve operating performance and grow rental income,” Co-founder & Managing Partner of Napali Capital, Thomas Black, said in a prepared statement.
Images courtesy of Yardi Matrix