JV Snaps Up Infill Atlanta Development
- Jun 03, 2015
Atlanta—Talk about a perfect match. Atlanta-based multifamily investment firm TriBridge Residential has acquired a Class A mixed-use asset with Coro Realty Advisors, an Atlanta-based retail owner and operator. Known as Inman Quarter, the property features 200 luxury apartment units, 39,000-square-feet of Class A retail and a 575-space parking deck. TriBridge will manage the apartments. Coro will manage the retail.
Completed in January 2015, the asset is described by TriBridge as a “quintessential urban infill development in Atlanta,” as it is located smack in the middle of Inman Park, just half a block from the Beltline trail and a few blocks from the Krog Street Market. In addition to the retail (which we’ll get to in a second), amenities include a rooftop clubroom, fitness center, poolside billiards room, and an on-site “event stylist.” Retail and restaurant space include Ford Fry, MF Sushi, Bartaco and Hampton & Hudson.
TriBridge sourced and secured the off-market deal last summer using internally sourced funds from long-term investors and TriBridge Equity Partners II, the company’s co-investment fund.
The sales price was not disclosed by TriBridge, but the Atlantic Business Chronicle is reporting that Inman Quarter commanded $72.5 million.
Bell Partners takes $140M-plus in sale of properties
Greensboro, N.C.—Bell Partners Inc. announced that it has disposed of eight properties (1,679 apartment homes) in Arkansas and North Carolina. The apartment communities sold by Bell Partners to multiple investors are: Riverwalk, Pleasant Ridge, Governors Park, Pleasant Valley Pointe and Watergate in Little Rock, Ark., as well as two communities in Greensboro, N.C., Steeplechase and Park Forest; and one community in High Point, N.C., named Deep River Pointe. The total sale price was more than $140 million, and no additional financial terms were disclosed. Bell will retain management of the three North Carolina communities.
Bell Partners is focused on acquiring and managing well-located, high-quality multifamily assets across the East Coast, Southwest, and Western United States to generate attractive current income and provide strong total returns to its investors. Reflecting this approach, the properties sold in these transactions enable the company to refocus its investment portfolio on newer assets in larger markets. The disposition of these assets, which takes advantage of favorable market conditions, enables Bell to continue its track record of generating strong returns, as evidenced by the 2015 Preqin Global Real Estate Report, which ranked Bell Partners as one of the top-rated consistently performing real estate fund managers.
Jon Bell, president of Bell Partners, said, “We are pleased to have completed the disposition of these assets, which over time have performed well for our investors. These transactions are in keeping with our strategy to focus our investment portfolio on newer assets in larger markets across the East Coast, Southwest and Western U.S. We continue to be a focused acquirer of appropriate properties within our strategic footprint.”
Thus far in 2015, Bell has sold 12 apartment communities for $244 million and acquired three apartment communities for $356 million.