Elmington Capital Group acquires area apartment complexes

Two Hoover apartment complexes will be getting a facelift after being acquired by Elmington Capital Group.

The Abbey at Wisteria Crest and the Cliffs at Rocky Ridge were both purchased as part of a $66 million transaction that also includes two 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 Wisteria Crest has already seen a change with the firm’s rebranding efforts, and is now called “Elevation Hoover.”

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 two properties in Hoover, the firm acquired The Abbey at Lakeshore and The Abbey at Vestavia Falls, renamed “Elevation Homewood” and “Elevation Vestavia Hills” respectively.

“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.