(Madison Square Apartments)
Dothan’s Madison Square Apartments have been sold as part of a three-property deal involving complexes in three states.
Blue Magma Residential LLC and New York-based NCP Enterprise Funds announced the $34 million acquisition. According to a news release,the 184-unit Dothan complex was purchased for $7.8 million and is being renamed The Park at Ashburn.
The other two properties were in Covington, Ga. and Robinsonville, Miss. The company plans to spend about $5 million in upgrades for the three complexes.
Blue Magma, headquartered in Tampa, said the three properties had 97 percent occupancy. The company co-owns and manages over 9,000 apartment units in Florida, Georgia, Alabama and Mississippi.