Acquisition of 400-Unit Apartment Complex in Birmingham, AL
April 14, 2016
Legacy Capital Partners invested $7.73 million in the acquisition and renovation of a 400-unit apartment complex located in Birmingham, Alabama. The total project costs (including funds needed to complete the renovation) were $38.78 million. The asset was purchased with a $27.15 million 4 year loan with interest only for the entire term. The total equity requirement was $11.28 million.