ALABASTER, AL-A group of investors led by Birmingham-based Providence Investments has bought Wellington Manor, a 312-unit apartment complex in Alabaster, for $22 million. The group has acquired the 19-building complex from another ownership ground managed by Global State Holding.
The new ownership group is planning to invest over $500,000 in renovations. John Mejia of Providence envisaged new pools, roofs and other major renovations to the complex. The multifamily property, which comprises one-, two- and three-bedroom units, is approximately 97% leased. For the full story, go to Birmingham Business Journal .
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