Middle Street Partners Completes $69M Company Recap
The deal will help the firm close on about $1 billion in Sun Belt acquisitions and developments.

Middle Street Partners, a Charleston, S.C.,-based real estate investment and development company focused on multifamily investments in the Sun Belt, has completed a $69 million recapitalization with longtime partner Inceptiv Management. The transaction is aimed at making $1 billion in acquisitions and developments over the next two to three years.
The recapitalization also includes a significant capital commitment from a partnership of high-net-worth individuals operating as Cannery Woods, LLC.
This deal is part of Middle Street Partners’ strategy to strengthen its ability to acquire new assets, recapitalize GP investments across its existing portfolio and buy out its previous minority GP owner. The transaction also increases the firm’s guarantee capacity for the future growth of its development business throughout the Sun Belt, according to co-founders Adam Monroe and Ryan Knapp.
“This recapitalization is important as we look to take advantage of what we believe is a very favorable environment for investors given the supply/demand outlook for multifamily in the coming years,” Knapp told Multi-Housing News. “It positions us to play offense in the early cycle, continuing the growth and success we have experienced to date while maintaining the investment discipline that has served us well at all points in the cycle.”
Knapp said MSP’s current business plan includes more than $1 billion of total acquisition and development volume in the next few years. But he said they envision the partnership to grow well beyond that timeframe, adding Inceptiv has the capital wherewithal to aggressively grow with MSP.
Inceptiv is a private equity firm based in Culver City, Calif., which specializes in providing specialty GP capital solutions to both fund managers and independent sponsors. The firm’s investment focus is on empowering growth-oriented platforms that exhibit strong leadership and a well-defined strategy through creative GP capital structures.
“We have worked extensively with the principals of Inceptiv in the past. Our familiarity and comfort level with each other was a key element in this new partnership,” Knapp told MHN. “They understand our business, and the success of our investments together to date was of course a contributing factor, as I am sure they would agree.”
MSP’s growing portfolio
Since it was founded in 2009, Middle Street Partners has sponsored more than $2 billion in multifamily acquisitions and developments primarily located in Georgia, Tennessee, North Carolina, South Carolina and Texas. The firm’s portfolio of existing communities includes garden, mid-rise and high-rise projects. MSP’s target going forward will include all types of multifamily construction, depending on the market and location, Knapp said.

Last year’s acquisitions included Pier 33 Apartments, a 286-unit complex in Wilmington, N.C., that was purchased for just over $85 million in November, according to WilmingtonBiz. The business publication noted the acquisition, made with joint venture partner Island Capital of New York, was one of the highest-price sales in New Hanover County, N.C., in 2024.
Also last year, MSP also acquired Amberleigh South a 280-unit multifamily community in Wilmington for nearly $68 million, the same source reported.
In Atlanta, MSP is building 12th & Juniper, a 487-unit, high-rise apartment community with two towers at 37 and 34 stories, an eight-level parking deck, ground floor retail and two pools. The property, while not part of the recapitalization, is an example of the projects the firm intends to develop and/or acquire over the next two to three years.
Built in partnership with a fund launched by AECOM/Canyon Partners, now operating as Eldridge Acre Partners, 12th & Juniper is expected to be completed this year. The borrowers secured a $245 million construction loan in December 2022 for the project.