Source: Legacy Capital Partners / Morrison Avenue Capital Partners
MOBILE, AL - Legacy Capital Partners, a Cleveland, OH-based national real estate investor firm, together with Morrison Avenue Capital Partners, a Tampa, FL-based real estate owner and operator, have formed a joint venture and announced they have acquired Timber Ridge Apartments, a 1998-vintage, 320-unit apartment community in Mobile, Alabama. The property is located within 2 miles of the University of South Alabama and Providence Hospital, a major health care system in Mobile.
Legacy and Morrison Avenue have acquired Timber Ridge as part of their value-add strategy and plan to increase cash flow and value through the execution of interior upgrades for all 320 units, exterior and amenity improvements. As a part of the value-add strategy the joint venture will immediately address the property's deferred maintenance issues which include bringing a small number of down units back online.
"Timber Ridge aligns well with our value-add multifamily investment strategy. The property is well-occupied and performing well in a strong market but we will be able to enhance its performance and the resident experience through significant physical and operational improvements. This is Legacy's third joint venture and fourth asset acquired with Morrison Avenue in the state of Alabama, and we are excited to be able to grow the partnership," said David St. Pierre, Managing Director at Legacy.