JONESBORO, GA - Napali Capital, a leading Texas-based real estate investment company, announced the acquisition of Canterbury Townhomes in Jonesboro, Georgia. The property is a 160-door multifamily property comprised of three-bedroom units. This acquisition is the third property in the Atlanta area.
Canterbury Townhomes is located just 30 minutes south of Downtown Atlanta. It is easily accessible via interstate or rail and is near several of the area's largest employers including Prime Healthcare, Southlake Mall, Clayton State University, Atlas Logistics Group and FedEx Ground. It also is proximal to distribution centers for Kroger, Fresh Express and the state's largest employer, Hartsfield-Jackson Airport.
Napali Capital will rebrand the property as the Residences at Forest Pointe and plans to invest more than $500,000 to address structural improvements and amenity upgrades including landscaping, roofing and unit renovation. The company has engaged Strategic Management Partners to manage the day-to-day operations.
"The employment is growing at an exponential rate in this area, which is one of the reasons we have focused on Atlantaand the surrounding areas for opportunities," said Napali Capital co-founder and Managing Partner, Thomas Black, M.D. "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."
This acquisition supports Napali Capital's strategy to invest in areas with a strong economy, high job growth and low unemployment. During the last 12 months, Atlanta area employers created 86,400 positions, an annual increase of 3.2 percent. Aerotropolis Atlanta is expected to add 450,000 local jobs and generate $64.2 billion in economic impact, and one of the largest film studios in the U.S., Pinewood Atlanta Studios, employs approximately 3,750 people and currently is undergoing a 700-acre expansion.