Print
Real Estate - Commercial

Pier 33 Owner Completes $69M Recapitalization

By Emma Dill, posted Jan 28, 2025
Middle Street Partners recently completed a recapitalization aimed at fueling growth. The Charleston-based firm purchased Pier 33 apartments, shown above, for just over $85 million last fall. (Image courtesy of Middle Street Partners)
The real estate investment and development firm that owns Wilmington apartment complexes Pier 33 and Amberleigh South completed a $69 million recapitalization to help grow the company’s footprint across the Sun Belt region.

Charleston-based Middle Street Partners purchased Pier 33, a 286-unit complex, in November for just over $85 million. The transaction, a joint venture with partner Island Capital of New York, was one of the highest-priced sales in New Hanover County in 2024. 

In January 2024, the firm also purchased the 280-unit Amberleigh South apartments at 115 Amberleigh Drive in the Porters Neck area for nearly $68 million, marking another high-priced sale.

Middle Street Partners announced the completion of its recapitalization with Inceptiv Management, a transaction that, according to a news release, will “allow the multifamily investment and development firm to target $1 billion of early-cycle developments and acquisitions over the next two to three years. "

Inceptiv is a California-based private equity firm that specializes in providing specialty GP capital solutions to fund managers and independent sponsors, the release stated. The recapitalization includes a “significant capital commitment” from a partnership of high-net-worth individuals operating as Cannery Woods LLC.

According to Investopedia, recapitalization is the process of restructuring a company's mix of debt and equity, often to stabilize its capital structure.

The capitalization strengthens Middle Street Partners’ ability to acquire new assets, increases the firm’s guarantee capacity for future growth of its development business throughout the Sun Belt region and buys out its previous minority GP owner, according to the release.

"This transaction facilitates our goal of continued early-cycle investment volume and marks the continued long-time partnership between Middle Street Partners and the principals of Inceptiv and Cannery Woods,” Middle Street Partners cofounder Adam Monroe stated.  

“Their knowledge of our business and a track record of success between our respective firms create an ideal fit as we look towards the continued growth of Middle Street Partners," cofounder Ryan Knapp added.

Since its founding in 2009, Middle Street Partners has sponsored more than $2 billion in multifamily acquisitions and development primarily in Georgia, Tennessee, Florida, North Carolina, South Carolina and Texas.
Ico insights

INSIGHTS

SPONSORS' CONTENT
Untitleddesign13

The Benefits of Choosing Local Partners in Construction

Jim Hundley - Thomas Construction Group
Untitleddesign12 101424112736

So You’re Feeling Like a Fraud... Let’s Talk

McAuley Hollis - APPROVE
Untitleddesign7

Governing with Confidence: Essential Guidelines for HOA Board Members

Dave Orr - Community Association Management Services

Trending News

Tech Wilmington: Upcoming Events Calendar

Staff Reports - Feb 5, 2025

Vantaca Hires Four Executives With Decades Of Scale-up Experience

Staff Reports - Feb 4, 2025

NCino Appoints New CEO

Staff Reports - Feb 3, 2025

City Leaders Approve Special Use Permit For Midtown Pickleball Facility

Emma Dill - Feb 5, 2025

Workforce Housing Panel: Some Steps Taken, But Problem Getting Worse

Emma Dill - Feb 4, 2025

In The Current Issue

Appraiser Shares Forecast

Cal Morgan founded JC Morgan Co., 1904 Eastwood Road, about 15 years ago and has since grown his team to six appraisers...


Small Business Spotlight: Business Owner Goes Out On A Limb

This month's Small Business Spotlight focuses on Tree Nerds, a tree service that opened last year....


Opinion: In 2025, Growth, Opportunity And Local Challenges

As we head into 2025, Southeastern North Carolina finds itself at a pivotal moment. Economic growth in our region is no longer a possibility...

Book On Business

The 2024 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

2024 Power Breakfast: The Next Season