TriBridge Residential Achieves Record Year With $650 Million Of Transactions

ATLANTA, Jan. 15, 2015 /PRNewswire/ -- TriBridge Residential, a privately-held real estate company focused on multifamily investments in the Southeast, is pleased to announce three new acquisitions in the month of December to culminate a record year. In 2014, TriBridge completed $650 million of total transaction volume, including over $375 million of acquisitions across eight new investments.  Bobby West, the company's President and managing partner, credits the firms' dedicated staff and loyal partners for the "unprecedented" year.

During the past month, TriBridge has acquired one property in Midtown Atlanta and two properties in Charlotte. With a group of Singaporean investors, TriBridge acquired 10 Sixty Five Midtown, a 52-unit high-rise apartment community atop the Four Diamond Loews Hotel in Atlanta. "Midtown has one of the fastest-growing populations in Atlanta, and is turning into the destination of choice for young professionals in Atlanta," noted Lee Walker, a managing partner of TriBridge. "This community offers the most exclusive luxury apartments in Midtown, and fills a growing demand for intown living."

In Charlotte, TriBridge acquired a development site at 1305 Central Avenue in order to build 246 units in a joint venture with HIMCO. Construction is scheduled to begin immediately on the site in the Plaza Midwood neighborhood adjacent to downtown. Also near downtown, TriBridge acquired Venue, a 366-unit recently-completed community in Charlotte's affluent Elizabeth neighborhood, in a joint venture with Stockbridge Capital Group. "Venue blends outstanding demographics, proximity to two medical campuses, and is located in a submarket with limited future supply," said Yates Dunaway, VP of Acquisitions, who seeks to grow TriBridge's presence in Charlotte and key Carolina markets. 

Venue is the third acquisition TriBridge and Stockbridge acquired in partnership together in 2014, building on their strong existing relationship.  Earlier this year, the joint venture acquired The Estates at Brentwood, a 254-unit community located ten miles south of Downtown Nashville, along with Mariposa Lofts, a 253-unit property adjacent to the Atlanta BeltLine in Inman Park, in an off-market transaction in partnership with Inwood Holdings.

Previous 2014 acquisitions include Colonial Homes in Atlanta, a 128-unit garden-style apartment community near the Bobby Jones golf course, purchased in a joint venture with Bluerock Real Estate, LLC. TriBridge is executing a substantial renovation of the unit interiors as well as the property infrastructure. Andy Green, VP of Acquisitions at TriBridge, notes that "the unique appeal of the project is its low density feel in an infill location. The property's proximity to Piedmont Hospital and the BeltLine will allow Colonial Homes to compete with some of the best assets in the market."

TriBridge recapitalized City View, a 202-unit community nearby the Atlanta Medical Center, with Lowe Enterprises Investors. TriBridge will add further value to the property through extensive unit upgrades and amenity improvements. TriBridge also re-established its relationship with Real Estate Capital Partners in its September purchase of Harrison Grande in the Raleigh suburb of Cary. Harrison Grande is located near strategic employment centers and leading school districts, and will also undergo substantive interior and exterior renovations.

Finally, to cap off the year, TriBridge closed its second co-investment fund, TriBridge Equity Partners II, or "TEP II", which exceeded its target size of $20 million. "TEP II provides smaller investment firms and high net worth individuals access to TriBridge's institutional quality and well-diversified portfolio," said Jim Schroder, the company's CFO. "Through TEP II, TriBridge will continue to successfully execute investments across the risk spectrum, including off-market acquisitions and niche opportunities that require the firm's experience and execution."

The majority of TriBridge's 2014 acquisitions were value-add opportunities, and the company seeks to continue such investments in 2015. "We target well-located assets across the Southeast and focus on the opportunity to add value through capital improvements, repositioning, or increased management efficiencies," said Steve Broome, managing partner for acquisitions.  TriBridge is currently under contract or pending contract to acquire five properties in the first half of 2015.

About TriBridge Residential

TriBridge Residential is a full-service multifamily investment, management, and development company based in Atlanta, GA, with 12,000 units and $1.2 billion in assets under management as of December 31, 2014.  With 60 corporate professionals and 215 on-site staff, the firm focuses on markets in the Southeast and provides a vertically-integrated platform with a 20+ year track record through its subsidiaries and affiliates. Michael Tompkins, Lee Walker, Steve Broome, and Bobby West serve as the firm's managing partners.

SOURCE TriBridge Residential