Acquisition of 1,080-Unit Apartment Complex in Birmingham, AL
February 3, 2011
Legacy Capital Partners invested $2.5 million in the acquisition and renovation of a 1,080-unit garden-style apartment complex in Birmingham (Hoover), Alabama. The total project costs (including funds needed to complete the renovation and lease-up) were $51 million. The asset was purchased with a $35.56 million loan with interest only for the first 24 months. The total equity requirement was $16 million.