A New York-based investment firm, Addison Partners, co-headed by Brian Schneider and Mary Stewart Malone, has purchased Elevation Hoover, a 241-unit apartment community in Hoover, AL. Mike Baker and Donald Gambril with Birmingham-based Harbert Multifamily Advisors brokered the transaction.
The financial terms of the deal were not disclosed. Built in 1972, the two-story, garden-style property is located in Hoover just off Highway 31. Baker stated, “This was an off-market transaction that was a win-win for both buyer and seller. Elevation Hoover is a tremendous asset not only because of its proximity to the largest retail node in the state, but also because of the renovations completed by previous ownership. New ownership will make some additional improvements to the property, and is excited to enter the Birmingham area, as this was their first acquisition in the state.”