TUSCALOOSA, AL – Legacy Capital Partners, a Cleveland, OH-based national real estate investing firm, and Morrison Avenue Capital Partners, a Tampa, FL-based real estate owner and operator, announced that they have successfully formed and acquired a joint venture A conventional, 208-unit shared apartment from 1996 in Tuscaloosa, Alabama – Inverness Apartment Homes.
Tuscaloosa is home to the University of Alabama as well as a large Mercedes-Benz manufacturing plant that is currently expanding by $ 1 billion. The expansion of the Mercedes-Benz production plant is part of Mercedes-Benz's global initiative to offer more than 50 electric vehicle variants by 2022.
Legacy and Morrison Avenue acquired Inverness as part of their value creation strategy that increases cash flow and value by performing interior fittings for all 208 units, exterior and interior improvements, and by eliminating the property's delayed maintenance.
"Inverness is a perfect fit for our multi-family, value-added investment strategy. A property that is currently performing well in a strong market yet has a clear path to value through physical and operational improvements. This is Legacy's second joint venture and third asset acquired with Morrison Avenue, Alabama, and we look forward to growing the partnership, "said David St. Pierre, General Manager, Legacy.
This investment also reflects current trends in light of the COVID-19 pandemic. Inverness is a suburban residential community with larger floor plans averaging 1,275 square feet with space for home offices and virtual learning. In addition, the property is unique in that each of the 208 units has its own entrance and an attached garage with direct access. Community residents have immediate access to their individual apartments for their families and guests. This is especially true of the Tuscaloosa market, where almost all of the new developments of the past decade have been built specifically for students.
Both Legacy and Morrison Avenue look forward to realizing their plan and creating clean, safe, and spacious apartment buildings that will serve Tuscaloosa residents for years to come.
Source: Legacy Capital Partners