Timberland Partners has purchased Maple Village Apartments in Pell City, the first property acquired as part of the $75 million Timberland Partners Apartment Fund IX.
Built in 2005, the 160-unit Maple Village is a Class-B apartment complex with one-, two- and three-bedroom floor plans. The homes currently have private, exterior entrances, detached garages, high ceilings and well-equipped kitchens. The community also features a clubhouse, dog park, playground, outdoor grilling station and swimming pool. Timberland plans to make additional upgrades once the deal is finalized.
“Maple Village Apartments is a great fit for our portfolio, located in an emerging market with strong value and potential for our investors and quality living for residents. We are very pleased to be able to strengthen our portfolio in the Birmingham area and the state of Alabama with this acquisition,” said Aaron Spiegle, acquisition specialist for Timberland Partners.
This is the third property acquired by Timberland in the Birmingham area and the fourth in the state of Alabama. The other Alabama properties are The Halston and The Trails at Cahaba River in Birmingham and Capital Park at 72 West in Huntsville.
Timberland Partners is based in Minneapolis and manages a portfolio of 88 communities in 17 states, totaling over 19,500 apartment units.