Addison Partners Sells Three Greensboro, N.C., Apartment Communities

Nottingham Apartments in Greensboro, N.C.

Addison Partners Announces Its Sale of Three Greensboro, N.C., Apartment Communities 

 The Sale Marks the Start of an Active Year for the Value-Add Apartment Investor

NEW YORK – March 3, 2022 - 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., and Charlotte, N.C., metros – as well as in Hickory, N.C., and Salisbury, N.C. – 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."

About Addison Partners

Addison Partners is a New York-based real estate investment firm focused on acquiring multifamily properties in strategic growth markets along in the Southeast. Our track record demonstrates a disciplined investment approach and sound real estate fundamentals. The principals of Addison Partners have executed on $3 billion of real estate transactions on a variety of investment types ranging from light value-add programs to asset repositioning and repurposing and ground up development. We focus on value-add investment opportunities of B and C multifamily properties.

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ELEVATION HOOVER PURCHASED BY ADDISON PARTNERS

HOOVER, AL — An apartment complex in Hoover has been purchased by a New York-based real estate investment firm. Addison Partners, co-headed by Mary Stewart Malone and Brian Schneider, announced Wednesday it has purchased the 240-unit Elevation Hoover complex for $20.7 million.

Elevation Hoover, at 2250 Little Valley Road, was built in 1972 near I-65 and I-459. The complex emphasizes modern outdoor amenities including a swimming pool, club house, tennis court, playground, barbecue and picnic area.

Improving on recent renovations done by the prior owner, Addison Partners said it is planning additional updates to the complex, including exterior and interior capital improvements. In addition, Addison Partners will also renovate the currently classic units and bring the partially renovated units up to a full renovation.

"Hoover is a strong Birmingham submarket that will continue to grow in appeal considering its convenient access to the city center, strong employment drivers, and good retail amenities," Mary Stewart Malone of Addison Partners said. "Elevation Hoover has the infrastructure that today’s renter desires and we’re ready to take it to the next level for existing and prospective residents."

ADDISON PARTNERS AQUIRES 178-UNIT PORTFOLIO IN GREENSBORO, NC

GREENSBORO, NC - Addison Partners, a New York City-based real estate investment firm, has acquired a three-property portfolio in Greensboro, North Carolina for $5.7 million. The 178-unit portfolio consists of three properties: Guilford Place (44 units) located at 326 Guilford College Road; Nottingham Place (62 units) located at 4254 United Street; and Pepper Tree Apartments (72 units) located at 4311 Trinity Avenue.  Headed by Brian Schneider and Mary Stewart Malone, the purchase marks Addison Partners’ fourth acquisition in North Carolina, bringing the firm’s unit count in the state to 400 units. 

Greensboro is the third most populous city in North Carolina and is part of the Triad (population 1.6M).  “With notable companies like Honda Aircraft, Kasyer-Roth, Volvo Trucks, and Wrangler, Greensboro’s workforce economy is strong” says Mary Stewart Malone, a Principal at Addison Partners and co-head of acquisitions. “Recently, Greensboro has been focusing on attracting business in the technology, aviation and transportation sectors. Gateway University Research Park, a joint research park operated by UNC Greensboro and NC A&T State University, is nearby. Amazon is opening a new fulfillment center in 2020 which will add 1,000 new full-time jobs in Kernersville, a 15-minute drive from the properties. Our properties benefit from this job growth.” 

Built on average in 1988, the properties are located adjacent to major thoroughfares I-40 and Wendover Avenue, providing residents easy access to job centers. “This portfolio provides quality housing at an affordable price point that appeals to a broad local demand base. We plan to implement a light value-add program on the exterior and renovate units.  We don’t do anything fancy, we just do it well,” says Malone.

www.addison-partners.com

ADDISON PARTNERS ACQUIRES 57 UNITS IN HICKORY, NORTH CAROLINA

JUNE 13, 2019 - HICKORY, NC - Addison Partners, a New York City-based real estate investment firm, has acquired Sharlton Manor Apartments. The 57-unit building is located at 420 10th Avenue NE Drive in Hickory, North Carolina. Headed by Brian Schneider and Mary Stewart Malone, this purchase marks Addison Partners’ second property in North Carolina. The seller was the original developer and owner of the property.

Hickory is located in the data corridor with Apple’s billion-dollar data campus just 20 minutes south of the city and Google’s $600 million data center 20 minutes north of Hickory. “The stable market and location of Hickory makes it an attractive area to us. In addition to being in the data corridor, Hickory is also part of the furniture belt,” said Schneider. “We look forward to a successful investment.”

Built in 1974, the property has 57 garden-style units arranged among six buildings. Studio units average 450 SF, one-bedroom units average 600 SF, and two-bedroom units average 900 SF, and two-bedroom Townhomes average 900 SF.

The McDaniel Team at Marcus & Millichap marketed the property. Grandbridge provided financing.

www.addison-partners.com / www.sharltonmanorapts.com

ADDISON PARTNERS EXPANDS INTO THE CHARLOTTE MARKET

SEPTEMBER 21, 2018- CHARLOTTE, NC - New York City-based Addison Partners, headed by Brian Schneider and Mary Stewart Malone, acquired its first property in the Charlotte market with the purchase of Tanglewood Apartments, a 96-unit building at 3200 Dalecrest Drive.

“Charlotte’s job and population growth over the past few years makes it an attractive area for us,” said Mary Stewart. “The long-term outlook is very promising and we hope to continue growing in this market.”

Built in 1970, the property has 96 garden-style units arranged among fourteen buildings. One-bedroom units average 782 SF, two-bedroom units average 892 SF, and three-bedroom units average 992 SF.

The McDaniel Team at Marcus & Millichap marketed the property. Walker & Dunlop provided financing.

www.addison-partners.com / www.tanglewoodaptnc.com

ADDISON PARTNERS SELLS BRONX BUILDING

JANUARY 17, 2018 - NEW YORK, NY - Addison Partners, headed by Brian Schneider and Mary Stewart Malone, sold 865 East 181st Street, a 13-unit building in the West Farms section of the Bronx, for about 50% more than it was purchased for in November 2015.

“We originally planed a three to five year hold, however, we raised rents by 20% and net income by over 40% in two years. Coupled with the Bronx experiencing a rapid run up in value, it was the right time to sell,” said Brian Schneider.

Aaron Jungreis and Josh Gruber from Rosewood Realty Group marketed the deal.