DAPHNE, Ala. — The Dobbins Group LLC, a Birmingham real-estate investment firm, purchased Lake Forest Apartments on Sept. 3, and the property is set to undergo around a $1 million renovation in the coming months.

“This is an ideal acquisition for our group as the property is located in a good market but had major operational and physical deficiencies to repair,” Bill Dobbins, the company’s president, said in a statement.

The firm put in a new management team and has planned exterior and interior renovations, Dobbins said.

“We’re replacing air conditioners, hot water heaters, flooring, cabinets and appliances,” Dobbins said. “We’re painting the exterior, doing new landscaping and redoing the pool and clubhouse. We’re giving the complex a new look.”

Arlington Construction Services LLC was named the general contractor for the project. The project will begin immediately, and the company expects it to take around 120 days to complete, according to a released statement.

“The property has been through a lot,” Dobbins said. “The property was foreclosed in May 2009. The Federal Deposit Insurance Corporation bought out the bank that owned the property, and then sold it to Citizens First. We bought it from them, so we’re the fifth owner since May 2009.”

The Dobbins Group—which formed earlier this year—plans to pursue real-estate investments throughout the Southeast.

According to Dobbins, the floor plans and structural layout of the apartments would not change with the renovations.

The property is a 120-unit multifamily community complex located on north Main Street.