ALABASTER, AL-A group of investors led by Birmingham-basedProvidence Investments has bought Wellington Manor, a 312-unitapartment complex in Alabaster, for $22 million. The group hasacquired the 19-building complex from another ownership groundmanaged by Global State Holding.
The new ownership group is planning to invest over $500,000 inrenovations. John Mejia of Providence envisaged new pools, roofsand other major renovations to the complex. The multifamilyproperty, which comprises one-, two- and three-bedroom units, isapproximately 97% leased. For the full story, go to Birmingham Business Journal .
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