Acquisition of 320-unit Apartment Complex in Mobile, Alabama
April 14, 2021
Legacy Capital Partners invested $8.0576 million in the acquisition and renovation of an apartment complex located in Mobile, Alabama. The total project costs (including funds needed to complete the renovation) were $39.965 million. The asset was purchased with a $29.8 million variable rate loan with interest only for the initial three-year term. The total equity requirement was $10.165 million.