Housing rental investment company to transition and modernize the property from off-campus student housing to market-rate housing
BIRMINGHAM, Ala. (July 17, 2024)—Audubon, a leading rental housing investment company, is pleased to announce the acquisition of Scholar Birmingham, a high-rise apartment community located in the vibrant Five Points neighborhood of Birmingham, Alabama. This strategic purchase marks a significant addition to Audubon’s expanding portfolio.
“We are thrilled to bring our vision for Scholar Birmingham apartments to life,” said Myles Cunningham, Managing Partner and CIO at Audubon. “The Five Points neighborhood is known for its unique character and vibrant community, and we are dedicated to enhancing the property to match. With our extensive investment, we aim to provide an exceptional living experience for our future residents.”
Scholar, a prominent 198-unit property, was developed as student housing in 2020. Audubon plans to transition the property to market-rate housing, aligning with the company's mission to enhance lifestyles while making an impact by providing high-quality living spaces in thriving urban environments.
Audubon’s comprehensive renovation plan includes modernizing the interiors and enhancing community amenities. These upgrades will ensure Scholar remains a sought-after residential option in the dynamic Five Points neighborhood.
The acquisition and planned upgrades reflect Audubon’s strategic focus on investing in properties with strong potential for value creation. Scholar’s prime location in Five Points offers residents convenient access to a variety of dining, entertainment, and job opportunities, making it an ideal setting for market-rate housing.
The acquisition price and renovation cost was not disclosed. For more information on the Scholar Birmingham apartments, visit www.scholaruab.com.
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Audubon is a premier apartment investment company specializing in the acquisition, development, and management of residential communities. With a commitment to quality and innovation, Audubon strives to enhance lifestyles and make an impact while delivering strong returns for investors. | acmapts.com
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