NAPALI CAPITAL ACQUIRES CLARENDON PLACE IN FAYETTEVILLE, GEORGIA
Napali Capital adds fifth asset to Atlanta Portfolio
Southlake, Texas, March 19, 2019 — Napali Capital, LLC, a leading Texas-based real estate investment company, today announced the acquisition of Clarendon Place Apartments in the Atlanta submarket of Fayetteville, Georgia. This is the company’s fifth acquisition in the Atlanta area and second in Fayetteville, Georgia.
Clarendon Place Apartments is a Class B, 107-unit, multifamily property comprised of two-story garden-style homes. Napali Capital immediately will begin nearly $500,000 in capital improvements which will include new cabinet facings, plumbing fixtures, flooring, and paint to select units and the addition of grilling stations and pergolas to the common area. The property will be rebranded as Residences at Southpointe and will be managed by Strategic Management Partners.
Clarendon Place Apartments is located 25 miles south of Atlanta and proximal to a variety of entertainment and retail options and numerous employment centers including Emory University and Healthcare, Delta Airlines, The Home Depot, WellStar Health Systems, AT&T, UPS, Northside Hospital, Piedmont Healthcare, Marriott International and Children’s Healthcare of Atlanta. Nearby Peachtree City also is home to nine of the county’s 10 largest employers.
Fayetteville is home to Pinewood Atlanta Studios where productions such as The Hunger Games, Stranger Things, the Avengers franchise, and the soon-to-be-released Dumbo were filmed. It is the second largest purpose-built studio in North America and provides substantial employment for the area.
“This area is appealing for a number of reasons – the location, the population, the economic growth to name a few,” said Napali Capital co-founder and Managing Partner, Thomas Black, M.D. “With such limited local inventory, the opportunity to purchase a second asset here was exciting and one we did not want to pass up.”
Napali Capital purchased nearby Brandywine at Lafayette Apartments last year. The property, since rebranded as Residences at Towne Crossing, is less than two miles from Clarendon Place Apartments. Since its purchase by the company, it has undergone numerous interior and exterior upgrades including the addition of a dog park to enhance residents’ lifestyles.
Last month, Napali Capital also purchased Synergy Industrial Park, in Kilgore, Texas. The property, a 70,000-square-foot warehouse in a foreign free trade and tax zone, houses the corporate headquarters for a company that recently relocated from California.