The 320-unit Timber Ridge apartment complex in west Mobile has been acquired by a pair of investment firms.
Legacy Capital Partners, based in Cleveland, and Morrison Avenue Capital Partners, based in Tampa, are teaming on the project.
“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,” the firms said in announcing the acquisition, adding that part of that plan is immediate attention to deferred maintenance issues.
“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.
Since its founding in 2004, Legacy has invested more than $2 billion in 74 properties in 18 states.
Morrison Avenue, founded in 2012, has ownership of some 5,000 units in 20 properties with a fair market value of $500 million.
