Napali Capital plans $0.5 million upgrade for 107-unit Clarendon Place
Clarendon Place Apartments in Fayetteville has a new owner. Napali Capital will investment nearly $500,000 in improvements at the site and will rebrand it as the Residences at Southpointe.
Napali Capital on March 19 reported that the 107-unit Clarendon Place Apartments on South Jeff Davis Drive comprised of two-story garden-style apartments had been acquired. Napali said it will immediately begin a nearly $500,000 capital improvement project.
Improvements 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, according to Napali press release.
The property will be rebranded as the Residences at Southpointe and will be managed by Strategic Management Partners, Napali said.
Commenting on the reasoning for the acquisition, Napali Capital co-founder and Managing Partner Dr. Thomas Black said, “This area is appealing for a number of reasons – the location, the population, the economic growth to name a few. 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, according to Napali.
Napali said the acquisition of Clarendon Place is the fifth asset added to the company’s Atlanta portfolio.
Napali Capital on its website describes the company as “Creating Physician Wealth Through Passive Income.”
“Co-founded by a physician, Napali Capital understands the unique needs and challenges of today’s practicing physicians. Our leadership has more than 50 years of combined real estate, hospitality and business experience and is passionate about providing profitable opportunities for our investors.”