HOOVER, AL — An apartment complex in Hoover has been purchased by a New York-based real estate investment firm. Addison Partners, co-headed by Mary Stewart Malone and Brian Schneider, announced Wednesday it has purchased the 240-unit Elevation Hoover complex for $20.7 million.
Elevation Hoover, at 2250 Little Valley Road, was built in 1972 near I-65 and I-459. The complex emphasizes modern outdoor amenities including a swimming pool, club house, tennis court, playground, barbecue and picnic area.
Improving on recent renovations done by the prior owner, Addison Partners said it is planning additional updates to the complex, including exterior and interior capital improvements. In addition, Addison Partners will also renovate the currently classic units and bring the partially renovated units up to a full renovation.
"Hoover is a strong Birmingham submarket that will continue to grow in appeal considering its convenient access to the city center, strong employment drivers, and good retail amenities," Mary Stewart Malone of Addison Partners said. "Elevation Hoover has the infrastructure that today’s renter desires and we’re ready to take it to the next level for existing and prospective residents."