Acquisition of 320-Unit Apartment Complex in Hoover, AL
June 29, 2012
Legacy Capital Partners invested $3.0 million in the acquisition and renovation of a 320-unit garden style apartment complex located in Hoover, Alabama. The total project costs (including funds needed to complete the renovation and lease-up) were $19.2 million. The asset was purchased with a $13.2 million loan with a term of 7 years. The loan is interest only for the first 24 months and then begins amortizing on a 30 year schedule. The total equity requirement was $6.0 million.