Legacy Capital Partners and Morrison Avenue Capital have formed a joint venture, which has acquired Timber Ridge Apartments, a 1998-vintage, 320-unit apartment community in Mobile, Ala. The property is located within two miles of the University of South Alabama and Providence Hospital, a major healthcare 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, as well as 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,” said David St. Pierre, managing director at Legacy. “The property is well-occupied and performing well in a strong market, but we will be able t
