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 Sharlton Manor Apartments, a 57-unit apartment community in Hickory, N.C. The buyer and the sales price were not disclosed.
Built in 1974 and located at 420 10th Avenue NE Drive, the garden-style community features six buildings and offers studios, one-bedroom efficiencies, one- and two-bedroom townhomes as well as two-bedroom flats. Addison acquired the community in June 2019.
“We are immensely proud of our ownership of Sharlton Manor Apartments,” said Brian Schneider, a principal and co-founder of Addison Partners. “This was an undervalued property featuring below-market rents when we acquired it almost three years ago. Since then, we have been able to boost rents and drive value by upgrading the amenities and apartment homes while also improving the overall operations. The result was an improved resident experience, high-level returns for our investors and a very attractive sales price.”
Addison currently owns communities in metro Birmingham, Ala., and Charlotte, N.C. It is also exploring acquisition opportunities in secondary and tertiary markets throughout the Southeast.
“As 2022 unfolds, we will continue our highly strategic and data-driven pursuit of apartment communities that fit into our investment approach,” said Mary Stewart Malone, a principal and co-founder of Addison Partners. “With our comprehensive and sophisticated due-diligence process, we will find undervalued properties that other investors might overlook. At the same time, when the timing is right, we will sell assets in our portfolio to deliver best-in-class returns for our investors.”