Napali Acquires 3rd Atlanta Asset
- Feb 02, 2018
Napali Capital has acquired the 160-unit Canterbury Townhomes, its third apartment property in the Atlanta metro, from Colony Hills Capital. The company retained Strategic Management Partners to handle operations at the community.
Canterbury Townhomes is located at 772 Pointe S. Parkway in Jonesboro, Ga. The property only comprises three-bedroom units, and totals 191,568 square feet. The 1997-built asset features common amenities such as:
- a clubhouse
- swimming pool
- laundry facilities
- 325 parking spaces
The apartment community provides easy access to downtown Atlanta, which is about 19 miles away via Route 85 or public transportation. Residents are in proximity to multiple large employers, such as Clayton State University, Atlas Logistics Group, FedEx and Hartsfield-Jackson Airport.
Rebranding and improvement
The property’s new owner plans to invest more than $500,000 in improvements, aiming to upgrade the structure, amenities, roofing and landscaping, as well as perform in-unit renovations. The apartment community will be rebranded as Residences at Forest Pointe. As the Atlanta multifamily market is approaching a peak, Napali Capital is adopting a value-add strategy to improve an asset which has traded several times in the past five years and has gone through another rebranding under its previous ownership.
“The employment is growing at an exponential rate in this area, which is one of the reasons we have focused on Atlanta and the surrounding areas for opportunities. Through this investment, we believe Napali Capital can continue to provide value not only to our partners but also to the tenants and surrounding community,” said Thomas Black, Napali Capital co-founder & managing partner, in a prepared statement.
Image courtesy of Napali Capital