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Legacy Capital Partners and Morrison Avenue Capital Partners Acquire 320-Unit Timber Ridge Apartment Community in Mobile, Alabama


MOBILE, AL - Legacy Capital Partners, a Cleveland, OH-based national real estate investor firm, together with Morrison Avenue Capital Partners, a Tampa, FL-based real estate owner and operator, have formed a joint venture and announced they have acquired Timber Ridge Apartments, a 1998-vintage, 320-unit apartment community in Mobile, Alabama. 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.  ....

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