CLEVELAND, March 31, 2020 /PRNewswire/ -- Legacy Capital Partners ("Legacy"), based in Cleveland, OH, began the new year and the company's 16th year in business with robust disposition activity after executing the successful exit of five (5) assets (1,170 units). The dispositions include The Hue in Savannah, GA, Trails at Cahaba River in Birmingham, AL, two (2) properties in Metairie, LA, and Park West Apartments in Mobile, AL. The sales totaled $140 million.
The Hue, a 446-bed (149-unit) student housing project located in Savannah, GA, closed late December 2019. The asset is the only purpose-built student housing project located within the historic district of Savannah and serves the Savannah College of Art & Design (SCAD). Legacy, with its Atlanta-based joint venture partner, invested in the project in April 2016.
In September 2016, Legacy, with its Philadelphia-based joint venture partner, invested in Trails at Cahaba River, a 400-unit apartment complex located in Birmingham, AL. During its hold period, the joint venture completed the interior renovation of 348 units along with the gut rehab of the Leasing Office/Clubhouse and exterior renovations. The asset sold in January 2020.
Legacy, with another one of its Atlanta-based joint venture partners, invested in a four-property (557-unit) portfolio in Metairie, LA in February 2018. After completing a significant amount of the planned renovation program, the joint venture took advantage of strong market demand and executed on the sale of two of the assets (343-units) on February 27, 2020. The sale of the smallest asset in the portfolio (53-units) is under contract and expected to sell in the 2nd quarter. The joint venture will retain ownership of the most desirable asset in the portfolio, The Local on Severn (161-units), and continue its renovation/repositioning program in order to further enhance its value for a future exit.
The most recent of Legacy's dispositions was the sale of Park West Apartments, a 278-unit apartment complex in Mobile, AL. Legacy originally invested in the project in September 2015 and bought out its joint venture partner in June 2018. The sale closed on March 17, 2020.
"With our nine (9) joint venture partners, we are continually evaluating our portfolio (currently 32 assets totaling 8,041 units) to determine the optimal exit strategy for each asset," said David St. Pierre, Legacy Capital Partners Co-founder and Managing Director. "We have identified a handful of additional assets that are targeted for disposition in 2020, but given the current market disruption we will take a wait-and-see approach regarding the timing of taking those assets to market."
About Legacy Capital Partners:
Legacy Capital Partners is a Cleveland-based real estate private equity firm founded in 2004 by Mitchell C. Schneider and David B. St. Pierre. Since its inception, Legacy has invested in 72 properties with a total cost basis of $1.99 billion. Since October 2009 Legacy has invested exclusively in for-rent multifamily properties. The Legacy Principals have over 60 years of collective experience in all aspects of the commercial real estate industry. For more information, visit www.lcp1.com.
CONTACT: Helen Qin, [email protected]
SOURCE Legacy Capital Partners