Acquisition of 280-Unit Apartment Complex in Mobile, AL
September 22, 2015
Legacy Capital Partners invested $3.475 million in the acquisition and renovation of a 280-unit apartment complex located in Mobile, Alabama. The total project costs (including funds needed to complete the renovation) were $18.52 million. The asset was purchased with a $13.13 million 10 year loan with interest only for the first 5 years. The total equity requirement was $5.39 million.