MOBILE, AL – Legacy Capital Partners, a Cleveland, OH-based national real estate investing firm, has formed a joint venture with Morrison Avenue Capital Partners, a Tampa, FL-based real estate owner and operator, to announce the acquisition of Timber Ridge Apartments, a 320-unit residential complex built in 1998 in Mobile, Alabama. The property is 2 miles from the University of South Alabama and Providence Hospital, a major healthcare system in Mobile.
Legacy and Morrison Avenue have acquired Timber Ridge as part of their value creation strategy and plan to increase cash flow and value by completing interiors for all 320 units as well as exterior and trim improvements. As part of the value creation strategy, the joint venture will address the property's deferred maintenance issues immediately, including recommissioning a small number of outage units.
"Timber Ridge fits well with our multi-family, value-added investment strategy. The property is well occupied and doing well in a strong market, but we will be able to improve its performance and the residents' experience through significant physical and operational improvements This is Legacy's third joint venture and fourth asset was acquired on Morrison Avenue, Alabama. We look forward to expanding the partnership, "said David St. Pierre, Managing Director, Legacy.
Source: Legacy Capital Partner / Morrison Avenue Capital Partner
