(Oct. 13, 2021) – Real estate investment, management and development firm Timberland Partners announced today the acquisition of a 206-unit apartment community in Hoover, Ala. The property, The Retreat at Rocky Ridge, will be rebranded as The Halston.
This is the fifth property the company has purchased through Timberland Partners Apartment Fund VIII (TPAF VIII), a multi-asset real estate fund created earlier this year, and the sixth acquisition of 2021.
Built in 1986, The Halston is a garden-style apartment community with spacious one and two-bedroom floorplans. The upgraded apartment homes have walk-in closets, balconies or patios and updated cabinets and countertops in the kitchens. The property amenities include a clubhouse, fitness center, dog park, picnic area and resort-style pool. The property has been renovated and well-maintained. Timberland Partners plans to make additional upgrades to both the exterior of the buildings and the individual apartments.
The Halston is located 15 miles south of downtown Birmingham in the suburb of Hoover. The area boasts a top-rated school system, a strong job market and many shopping, dining and entertainment options. There are more than 23,000 jobs, 4.2 million square feet of office space, and 7 million square feet of retail space within a two-mile radius of the apartment property.
Timberland now owns three properties in the state of Alabama, including the Trails at Cahaba River in the Birmingham area.
“We are very pleased to continue our recent momentum with TPAF VIII and announce the addition of The Halston. This exciting acquisition strengthens and expands our portfolio in the state of Alabama and the Birmingham community”, said Aaron Spiegle, acquisition specialist for Timberland Partners. “Given the location and the strength in leasing at this community and the market as a whole, we are confident there is significant value to be realized here.”
Minneapolis-based Timberland Partners now owns and manages a portfolio of 85 communities in 17 states for a total of more than 18,500 apartment units. It offers a boutique investment firm experience rooted in the values of integrity, transparency and honesty. To learn more visit www.TimberlandPartners.com.