CLEVELAND, OH - Legacy Capital Partners (“Legacy”), a Cleveland, OH-based national real estate investor firm, together with Morrison Avenue Capital Partners (“Morrison Avenue”), a Tampa, FL-based real estate owner and operator, today announced that they have successfully formed a joint venture and acquired a 1996-vintage, 208-unit conventional apartment community in Tuscaloosa, Alabama – Inverness Apartment Homes (“Inverness”).
Tuscaloosa is the home of the University of Alabama, as well as a major Mercedes-Benz production plant which is currently undergoing a $1 billion expansion. The Mercedes-Benz production plant expansion is part of Mercedes-Benz global initiative to offer more than 50 electric vehicle variants by 2022.
Legacy and Morrison Avenue have acquired Inverness as part of their value-add strategy which will increase cash flow and value through the execution of interior upgrades for all 208 units, exterior and amenity improvements, as well as addressing the property’s deferred maintenance.
“Inverness fits perfectly with our value-add multifamily investment strategy. A property that is currently performing well in a strong market yet has a clear path to value creation through physical and operational improvements. This is Legacy’s second joint venture and third asset acquired with Morrison Avenue in the state of Alabama, and we’re thrilled to continue to expand the partnership,” said David St. Pierre, Managing Director at Legacy.
This investment also reflects current trends given the COVID-19 pandemic. Inverness is a suburban apartment community with larger unit floorplans averaging 1,275 square feet, which include space for home offices and virtual learning. Further, the property is unique in that each of the 208 units have private entrances and an attached, direct access garage. Community residents have immediate access for their families and guests to their individual apartments. This is especially true in the Tuscaloosa market where nearly all of the new development over the past decade has been purpose-built student housing.
Both Legacy and Morrison Avenue look forward to executing on its value in plan and creating clean, safe, and spacious apartment homes that will serve residents of Tuscaloosa for years to come.
About Legacy Capital Partners: Legacy Capital Partners is a real estate private equity firm founded in 2004 by Mitchell C. Schneider and David B. St. Pierre. Since its inception, Legacy has invested in 73 properties in 18 states with a total cost basis of $2.03 billion. Since October 2009 Legacy has invested exclusively in for-rent multifamily properties and is actively deploying capital out of its seventh Fund (Fund VII) along with its single asset syndication platform. For more information about Legacy Capital Partners, visit www.lcp1.com
About Morrison Avenue Capital Partners: Morrison Avenue is a firm that specializes in the acquisition and management of multifamily properties primarily in the Southeast markets. Since its inception in 2012, MACP currently has ownership of almost 4,000 units across 16 properties, with a fair market value estimate of $350 million. Morrison Avenue focuses on tertiary markets in the Southeastern United States in supply-constrained areas with strong rental markets, occupancy rates and positive demographic trends.