Addison Partners Sells 3 North Carolina Communities
The investor purchased the portfolio of Greensboro, N.C. communities just a year ago.
Addison Partners has sold three of its communities in Greensboro, N.C. after approximately a year of ownership with them. The firm sold the portfolio totaling 178 units to an undisclosed buyer for an undisclosed price.
New York-based Addison Partners acquired the communities in February 2020 for $5.7 million. The portfolio includes the 72-unit Pepper Tree Apartments, the 62-unit Nottingham Apartments, and the 44-unit Guilford Place Apartments, all located near I-40 and Wendover Avenue. According to the firm, the portfolio had an average vintage of 1988.
In announcing the sale, the company noted that the three communities were undervalued and needed physical and operational improvements. Mary Stewart Malone, principal & co-founder of Addison Partners, told Multi-Housing News that the work included improved landscaping and unit upgrades.
Busy Year in Southeast US
With the sale of its three Greensboro communities, Addison Partners’ current portfolio includes communities in Birmingham, Ala. and Charlotte, N.C. Malone told MHN that, in 2022, the company will be looking to acquire more properties in the secondary and tertiary markets of North Carolina, South Carolina, Florida, Georgia, Alabama, Tennessee, Arkansas and Kentucky, while strategically selling other holdings.
Addison entered the southeast back in September 2018 with the acquisitions of a 96-unit community called Tanglewood Apartments in Charlotte, N.C.