MACC Venture Partners Completes Acquisition of Foxcroft Apartments in Statesville, North Carolina

GASTONIA, NC - MACC Venture Partners, a Gastonia, N.C. based firm specializing in private equity Real Estate and Multifamily investments, has closed the purchase of Foxcroft Apartments, a 226-unit class B Garden and Townhome apartment community. This property is located in Outlying Iredell County Statesville, North Carolina.

John Azar, Executive Vice President of MACC Venture Partners, stated that his firm purchased Foxcroft Apartments from Sugar Oak and will implement both a capital improvement program as well as a management and marketing program.  These value add enhancements will elevate the quality of the asset and manage it through MACC VP’s sister company, Capstone Multifamily Group. 

“The addition of Foxcroft Apartments brought an asset into MACC VP’s portfolio that truly meets all the elements of our value-add strategy, as well as one that delivers the growth and performance we come to expect from our strategic acquisitions.  We are excited to add another property to our portfolio in the Statesville submarket and see Foxcroft Apartments as an added synergy to some of our nearby properties.  We look forward to delivering great returns to our investors and offer a great living option for our renters.”  Mr. Azar said. 

Foxcroft Apartments is located in the Statesville submarket of Charlotte, North Carolina. The property is conveniently located near the I-77 junction, and is accessible from various routes to Charlotte.  The complex offers large 1, 2 and 3 bedroom apartments; as well as valuable amenities including a pool, playgrounds, a pet play area and walking/biking trails. There is nearby shopping, dining, entertainment and major employers.  Iredell County exhibits strong apartment fundamentals that are healthier than their surrounding Charlotte submarkets peers.

About MACC Venture Partners: Headquartered in Gastonia, N.C., MACC Venture Partners is a private equity commercial real estate firm set to pursue capital preservation and appreciation, as well as high returns and yields through a strategic acquisition process. The firm acquires and operates stabilized assets in high growth markets and continuously manages for capital appreciation. As a vertically integrated and value-add firm, MACC VP controls all aspects of operation relating to investments. This includes, but is not limited to, asset management, construction management, fund management and brokerage.