An Atlanta-based rental housing investment company has acquired a Birmingham Five Points South apartment building.

Audubon has purchased Scholar Birmingham, 1001 20th St. S., a 198-unit apartment property, for an undisclosed amount.

“We are thrilled to bring our vision for Scholar Birmingham apartments to life,” Myles Cunningham, managing partner and CIO at Audubon said.

“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 was developed as student housing near UAB in 2020.

Audubon plans to transition the property to market-rate housing, modernizing the interiors and enhancing amenities.

The building currently offers studio, 1, 2, 3, & 4-bedrooms, a rooftop pool, 24-hour fitness center, lounge, outdoor grilling stations, relaxation room, sauna, fire pits and secure parking.