by Stephen Ursery
Addison Partners, a real estate investment firm focused on acquiring well-located multifamily properties in strategic growth markets in the Southeast, today announced it has sold three communities totaling 178 units in Greensboro, N.C. The buyer and the sales price were not disclosed.
The three communities were the 72-unit Pepper Tree Apartments, the 62-unit Nottingham Apartments and the 44-unit Guilford Place Apartments.
“2022 will be a very busy and productive time for our company, in terms of both acquisitions and dispositions, and the sale of these three properties certainly gets our year off to a great start,” said Brian Schneider, a principal and co-founder of Addison Partners. “Our ownership of these properties is an outstanding example of our investment strategy. We acquired three undervalued communities in need of physical and operational improvements, and we made the necessary investments. As a result, we were able to boost rents, significantly increase asset values and deliver best-in-class returns to our investors.”
As 2022 unfolds, Addison will explore acquisitions in secondary and tertiary markets throughout the Southeast. The company currently owns communities in the Birmingham, Ala., Greensboro, N.C., and Charlotte, N.C., metros, and is exploring expansion opportunities in similar metros in the Southeast, as well.
“With the booming population growth and employment centers found across the Southeast, this is a very exciting time to be a multifamily investor in this area,” said Mary Stewart Malone, a principal and co-founder of Addison Partners. “In addition, because of our data-rich and expert-based property evaluation techniques, we are well-positioned to find hidden and undervalued investment gems. Through our unique methodologies to drive rent growth and through relatively easy-to-execute physical improvements, we are able to deliver attractive investment returns.”