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, have formed a joint venture and today announced they have acquired Timber Ridge Apartments, a 1998-vintage, 320-unit apartment community in Mobile, Alabama (“Timber Ridge”). 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.
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 74 properties in 18 states with a total cost basis of $2.07 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 5,000 units across 20 properties, with a fair market value estimate of $500 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.