Elmington Capital Group acquires area apartment complex

A local apartment complex will be getting a facelift after being acquired by Elmington Capital Group.

The Abbey at Vestavia Falls was purchased as part of a $66 million transaction that also includes three other properties in the Birmingham area.

The firm currently owns Emerald Pointe in Hoover, as well as One Highland Place in Five Points. The acquisition brings the firm’s total unit portfolio to 1,074, plus its commercial space.

The Abbey at Vestavia Falls has already seen a change with the firm’s rebranding efforts, and is now called “Elevation Vestavia Hills.”

Extensive renovations, including interior upgrades, enhanced curb appeal, additional amenities and clubhouse improvements are planned for all of the acquired complexes. Renovated units will be available as soon as 30 days, with the entirety of the renovations scheduled to be completed over the next three years.

In addition to the property in Vestavia, the firm acquired The Abbey at Lakeshore and The Abbey at Wisteria Crest, renamed “Elevation Homewood” and “Elevation Hoover” respectively. The firm also purchased the Cliffs at Rocky Ridge.

“We look forward to providing high-quality residences at an affordable price in communities with topnotch school systems and convenient access to retail and jobs,” Hunter Nelson, Elmington’s senior vice president for acquisitions, said.

Elmington Property Management, which like the capital group is located in Nashville, will manage the properties.

For more information about Elmington and its Birmingham portfolio, visit elmingtoncapital.com.