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