ATLANTA, GA - Napali Capital, a leading real estate investment company, announced the acquisition of Forest Park Manor, a 100-unit multifamily complex in Forest Park, Georgia. The two-story multifamily property located at 507 Georgia Avenue in the heart of Forest Park features a mix of one, two, and three-bedroom apartments ranging from 611 to 1,010 square feet. This is the company's second property in Georgia.
Conveniently located just minutes from Interstates 75, 85 and 285, Forest Park Manor is proximal to downtown Atlanta and outlying areas, allowing residents easy access to a variety of restaurants and entertainment venues. The complex also is close to major employers such as Hartsfield-Jackson Atlanta International Airport, Georgia Power Company, Southern Regional Medical Center and Clayton State University.
Napali Capital plans to rebrand Forest Park Manor under the new name of Residences at Stonebrook and will invest significant capital in property improvements. Planned upgrades include new landscaping and play structures, a new water splash pad and extensive picnic amenities, including pergolas and grills.
"We are thrilled to have closed this investment offering in Forest Park, Georgia," said Napali Capital's co-founder and Managing Partner, Thomas Black, MD. "We will begin immediately implementing our business plan, which will improve operating performance and grow rental income. We fully expect solid double-digit returns to our investors."
The acquisition of Forest Park Manor is part of Napali Capital's ongoing strategy to expand its real estate portfolio and generate sustainable passive income streams for its accredited investors. The company invests only in areas where there is a strong economic base with high job growth and low unemployment.
The company's research reveals rental apartment occupancy in Atlanta remains consistently strong at approximately 94.4 percent, reflecting robust apartment demand. Annual rent growth hit 5.8 percent as of mid-2017, putting Atlanta among the top performing rental markets in the U.S. Strong demand for rental apartments is due in part to rapid population and job growth in the region, with Atlanta adding more jobs than any other U.S. metropolitan area in the year ending April 2017.