Napali Capital, LLC, today announced its most recent acquisition of Abbey Court Apartment Homes in North Carolina. The property is located in the suburb of Belmont, just 12 miles west of Charlotte. The 176-unit complex was acquired as an off-market deal and is Napali Capital’s first property in North Carolina.
Abbey Court Apartment Homes is a garden-style community built in 1986 and comprised of 94 one-bedroom units and 82 two-bedroom units. The property offers residents a variety of amenities including swimming pool, playground, grilling and picnic areas, 24-hour emergency maintenance, on-site leasing office, central laundry facility, designated parking, storage units and mature landscaping.
Napali Capital will rebrand the complex and immediately begin implementing the planned $500,000 in property improvements. These include interior renovations and amenity upgrades such as a “bark park,” new pergolas, grilling stations with outdoor seating, and play park. Additional storage units also will be added to meet resident demand. The company will retain Atlanta management company SMP, which manages more than 27,000 doors in the southeast, to manage Abbey Court Apartment Homes.
“We are thrilled to be entering North Carolina with this particular property,” said Napali Capital co-founder and Managing Partner, Thomas Black, M.D. “We’ve had our eye this market for quite some time, and our patience has paid off.”
The closest major city to Abbey Court Apartment Homes, Charlotte, is home to Bank of America headquarters and Wells Fargo’s east coast operations. It recently was announced Amazon will build its new $200 million fulfillment center in Charlotte, which will bring 1,500 additional jobs to the area.
“Abbey Court already is ideally situated between Charlotte and Gastonia, the second largest suburb of the city. The announcement of Amazon’s new fulfillment center only confirmed that we’d made the right choice for our company and our investors,” said Black.
Napali Capital also purchased Westwood Apartments in Dallas earlier this month. Both Abbey Court Apartment Homes and Westwood Apartments are part of the company’s 11-property investment portfolio that creates wealth for physician investors through real estate. The company has properties in Texas, Georgia and North Carolina.