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 Timbercreek Apartments, a 145-unit class B Garden Apartment community. This property is located in the Guilford County suburbs of Greensboro, North Carolina.
Tony Azar, CEO of MACC Venture Partners, stated that his firm purchased Timbercreek Apartments from Lim Holdings, LLC 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.
“Timber creek Apartments truly meets all the elements of our value-add components of our acquisition criteria and strategy. It also delivers the capital growth, equity gain and strong cash flow performance that we and our investors have been accustomed to. We are very excited to add another property in the Triad area to our portfolio, The Triad market has been one of the strongest performer in the North Carolina Market and we look forward to delivering great returns to our investors and a great living asset to our renters.” Mr. Azar said.
Built in 1986, Timbercreek Apartments has maintained exceptional service, location, features and value with garden units. The park-like setting includes a spacious clubhouse, pool, and picnic areas on the banks of a fishing pond. The complex is only a short drive to shopping, restaurants, and access to I-85, I-40 and I-73. The energy-efficient one and two bedroom floor plans are loaded with features including ceiling fans, oversized closets, window treatments. The property exhibits strong underlying economic fundamentals, with current management having achieved 94% occupancy. Also, Timbercreek offers an attractive value-add scenario, with the opportunity for a high return on investment for moderate interior unit upgrades.
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 is owner/operator of 3,900+ units. The firm controls all aspects of operation relating to investments. This includes, but is not limited to, asset management, construction management, fund management and brokerage. For more information on MACC Venture Partners and the firm’s current offerings please visit us at www.MACCVP.com