Blue Magma Residential LLC and NCP Enterprise Funds announced the purchase of Dothan’s Madison Square Apartments (above).
Two companies with expertise in apartment complex acquisition announced the purchase of three properties Monday, including one in Dothan.
Madison Square Apartments at 601 Whatley Drive has been purchased for $7.8 million by Blue Magma Residential LLC and NCP Enterprise Funds, according to a release Monday. The companies indicate the Dothan complex will be renamed The Park at Ashburn as part of a rebranding effort.
In addition to the 184-unit Madison Square purchase, two other properties were acquired. The 232-unit Gardens of Canal in Robinsonville, Miss., near the Memphis-area casino resort Tunica, Miss., was acquired for $11.6 million and will become The Park at Brighton. The 188-unit Orchard Cove in Covington, Ga., was purchased for $15.2 million and will be renamed The Park at Arlington.
According to the release, Blue Magma Residential is a management company which, through its affiliates, co-owns and manages over 9,000 apartment units in Florida, Georgia, Alabama and Mississippi.