Timber Ridge Apartments Sold

The 320-unit Timber Ridge apartment complex in Mobile has been acquired by a pair of investment firms, Legacy Capital Partners, based in Cleveland, and Morrison Avenue Capital Partners, based in Tampa, according toBusiness Alabama. This is Legacy’s third joint venture and fourth asset acquired with Morrison Avenue in Alabama. Since its founding in 2004, Legacy has invested more than $2 billion in 74 properties in 18 states. Morrison Avenue, founded in 2012, owns some 5,000 units in 20 properties with a fair market value of $500 million.