CHARLOTTE, NC — Capstone Companies announces the $15,000,000 sale of the Madison Park Apartments: a 132-unit multi-family apartment community constructed in 1980 and located in Shelby, North Carolina.
Eric Liebich, Director of Multi-Family Investment Sales, and Ron Corrao, a Partner at Capstone, led the Capstone transaction team. They facilitated an off-market transaction between Southwood Realty, based in Gastonia, North Carolina, and Humboldt Partners, a Charlotte, North Carolina-based owner/operator of value-add multi-family properties. Humboldt Partners acquired the asset free and clear. This acquisition enables Humboldt Partners to obtain more economies of scale and operational efficiencies in the local submarket. Madison Park is the third multi-family acquisition by Humboldt in Shelby, NC, and the seventh in the greater Charlotte MSA.
“We are pleased to bring another high-quality asset into our growing North Carolina portfolio,” said Thomas Konditi, a Principal Member of Humboldt Partners. “The Humboldt team is looking forward to implementing additional efficiencies that will further benefit the overall living experience for the residents of Madison Park,” added Joshua Stack, also a Principal Member of Humboldt Partners.
“We were pleased to play a part in facilitating the transaction between two well-respected clients that we transact with frequently, and we’re excited to see all that Humboldt Partners will do to further enhance operations and the overall living experience for residents within the community,” said Liebich. “There is still a path towards successful execution of transactions in today’s market despite the challenges currently faced within the Capital Markets,” added Liebich.
The Madison Park Apartments are located in Shelby, North Carolina and feature 132 market rate apartment units across a variety of one-, two-, and three-bedroom floor plans—each with their own private entrance. Built in 1980, the asset is situated on ±17.96 acres just south of HWY-74 (E. Dixon Blvd), sits adjacent to Holly Oak Park, and is within close proximity Shelby High School and a variety of retail and commercial services. Madison Park was 93% occupied and 97% pre-leased at the time of the sale.