LEI and Tribridge Team to Purchase Atlanta Apartment Building
- Sep 04, 2014
Atlanta—Lowe Enterprises Investors has teamed with TriBridge Residential to acquire and operate City View, a 202-unit apartment building in Atlanta.
“City View is located in a rapidly gentrifying area of Atlanta,” John Gaghan, Lowe Enterprises Investors’ vice president, tells MHN. “Newer communities with which City View competes are offering a higher level of amenities and better quality finishes. [We] believe that with a common area and unit renovation the property can better compete with new properties in the area and offer building residents an updated modern environment.”
Located at 433 Highland Ave. NE, City View is a 100 percent leased gated community offering a mix of one- and two-bedroom units.
It was originally constructed in 2003 and is situated between Downtown and Midtown Atlanta in the emerging Old Fourth Ward submarket. According to Gaghan, the Old Fourth Ward contains numerous parks such as Inman Park and Beltline that appeal to young renters. The area has also become a destination for dining and entertainment.
City View also features a 10,000-square-foot ground floor CVS Pharmacy and enjoys a prime location near major employers, Georgia State University and the newly renovated Ponce City Market. It also offers convenient access to I-75, I-85 and other major thoroughfares as well as the Atlanta Street Car transit system.
“Lowe Enterprises Investors targets properties in high growth markets like Atlanta that can benefit from physical and operational improvements,” Gaghan says. “Atlanta is forecasted to experience some of the highest rent growth in the nation, making it an attractive market for LEI and its clients.”
LEI and TriBridge will complete improvements to the units, 40 percent of which have been recently upgraded, and to common areas to complement the recent renovation of the fitness center and resort-style pool. Unit improvements include granite countertops, new appliances and washers and dryers in all apartments. City View also offers a business center, covered parking, a meditation courtyard and car wash center.
“At City View we have the opportunity to work with our new partner, TriBridge, to continue improvements and enhance operations at a property that is already performing well, in an area that is undergoing a rapid revitalization,” Bleecker P. Seaman, co-CEO of LEI, says. “As our multifamily investment management portfolio continues to expand, we will be actively seeking additional property acquisitions in the Southeast.”