Napali Capital Buys Abbey Court In Off-Market Trade
"We've had our eye this market for quite some time, and our patience has paid off."
BELMONT, NC–Napali Capital, LLC has acquired Abbey Court Apartment Homes here, a submarket located 12 miles west of Charlotte.
The complex was an off-market deal and is Napali Capital’s first property in North Carolina.
Abbey Court Apartment Homes was built in 1986 as a garden-style community, and is a 176-unit complex with 94 one-bedroom units and 82 two-bedroom units. Napali will rebrand the complex and begin implementing $500,000 in property improvements. The company will retain Atlanta management company SMP to manage Abbey Court Apartment Homes.
Thomas Black, Napali Capital co-founder and Managing Partner, stated, “We are thrilled to be entering North Carolina with this particular property. We’ve had our eye this market for quite some time, and our patience has paid off.”