August 14, 2019— MACC Venture Partners, through partnership with MPI holdings, closed on it’s newest multifamily portfolio asset in Wilmington, NC. Shipyard Village, a newly constructed community, is comprised of ninety-six garden style units located in the rapidly expanding market of Wilmington.
The MACC VP team as well as Capstone Management team, our sister company, are very familiar with the coastal Carolinas area as we currently own a sister asset in North Myrtle Beach, MSA.
Managing Members of MACC VP, John and Tony Azar state, “Shipyard Village is located in the thriving market of Wilmington NC. The area has experienced burgeoning growth in population movement and economic development. According to Real Page, Wilmington market have lead the ranking of small metros who have continued to post impressive rent gains of over 7.8 % annually. The property is poised to take advantage of favorable market dynamics and enhance the total performance of the regional portfolio in the area.”
Completed in 2018, Shipyard Village offers residents an extremely attractive combination of spacious floor plans, condo-quality finishes, a competitive amenity package, and easy accessibility to the area’s top employment, retail, and entertainment destinations. Strong rent growth within the southwest Wilmington submarket, a vibrant downtown, and the property’s strong positioning within the immediate area provides investors an opportunity to capture great upside potential and outstanding cash flow.