Press Releases
Marcus & Millichap Brokers Sale of 143-Unit Multifamily Property in Hickory, N.C.
March 25, 2025
HICKORY, N.C., March 25, 2025 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of The Village at Catawba Ridge, a 143-unit apartment property located in Hickory, North Carolina.
“This sale highlights the continued demand for value-add multifamily opportunities in high-growth markets like Hickory,” said Jeff Shugarts, associate. “With new ownership set to build upon the existing renovation program and residents already benefiting from upgraded amenities, The Village at Catawba Ridge is well positioned for long-term success in a market that continues to attract both residents and investors.”
Shugarts and Jim Davis, investment specialists in Marcus & Millichap’s Charlotte Uptown and Greensboro offices, marketed the property on behalf of the seller, a Hickory-based investor, and procured the buyer, a Northeast-based investor.
The Village at Catawba Ridge Apartments, located at 1655 20th Ave. Dr. NE, is a 143-unit community offering a mix of one- and two-bedroom floor plans, including select units with basements and garages. Built in 1985, the 14.8-acre property is positioned within Hickory’s rapidly growing multifamily market—driven by its proximity to Charlotte and increasing demand for affordable housing.
“This sale highlights the continued demand for value-add multifamily opportunities in high-growth markets like Hickory,” said Jeff Shugarts, associate. “With new ownership set to build upon the existing renovation program and residents already benefiting from upgraded amenities, The Village at Catawba Ridge is well positioned for long-term success in a market that continues to attract both residents and investors.”
Shugarts and Jim Davis, investment specialists in Marcus & Millichap’s Charlotte Uptown and Greensboro offices, marketed the property on behalf of the seller, a Hickory-based investor, and procured the buyer, a Northeast-based investor.
The Village at Catawba Ridge Apartments, located at 1655 20th Ave. Dr. NE, is a 143-unit community offering a mix of one- and two-bedroom floor plans, including select units with basements and garages. Built in 1985, the 14.8-acre property is positioned within Hickory’s rapidly growing multifamily market—driven by its proximity to Charlotte and increasing demand for affordable housing.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2024, the company had 1,712 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,836 transactions in 2024, with a sales volume of approximately $49.6 billion. For additional information, please visit www.MarcusMillichap.com.
