The Cliff Preserve Apartments

22 Units, Birmingham, AL

Acquisition Date: July 7, 2005
Status: Sold on May 31, 2007


Located in the heart of the Highland Park neighborhood, Clarus targeted The Cliff Preserve Apartments as an opportunity to purchase a property in a superior location at a discount due to some deferred maintenance. Clarus attributed its previous lackluster financial performance and occupancy rates to the lack of exterior curb appeal of the property.

Once in its portfolio, Clarus executed a moderate rehabilitation plan for the property that focused on improving the overall aesthetic appeal of the property. The project included numerous exterior and interior upgrades, the highlight of which was replacing the original flat roof with a pitched composition shingle roof. The property was renamed at the conclusion of this rehabilitation. The rehabilitation lasted six months and resulted in improved performance at the property.

A strong southeastern market, Birmingham is still of interest to Clarus even though we no longer manage assets in the city. We continue to monitor the market and we actively seek projects in the region.