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 Westside Manor, a 64-unit apartment community located in Salisbury, N.C. The buyer and the sales price were not disclosed.
The garden-style community is situated at 2345 Statesville Boulevard in the state’s Piedmont region and sits approximately 25 miles northeast of Charlotte. Addison acquired the community in July 2019.
“The year continues to be active from the dual standpoint of sales and acquisitions, and we’ll continue to seek the best opportunities and strategic markets,” said Mary Stewart Malone, a principal and co-founder of Addison Partners. “We immensely enjoyed our ownership stake in Westside Manor, which we believed was an undervalued community when we acquired it. We were able to add significant value with upgrades to the property and improved operations. In addition to securing high-level returns, we were able to sell a considerably improved asset.”
Addison will continue to target acquisitions in secondary and tertiary markets throughout the Southeast. The company currently owns communities in the Birmingham, Ala., and Charlotte, N.C., metros—in addition to nearby Hickory, N.C.—and is exploring expansion opportunities in similar metros in the Southeast, as well.
“The Southeast continues to exhibit strong fundamentals in the multifamily value-add space, and we’re eager to continue our pursuit of assets in the area that fit into our strategic approach,” said Brian Schneider, a principal and co-founder of Addison Partners. “The primary objective is to deliver top-of-market returns, and we’ll continue to use our data-based approach to discover hidden opportunities in these markets that other investors might pass up. We look forward to continuing to build our portfolio and vastly improve our assets as part of the process.”