TriBridge Residential Lands Fourth Charlotte Property

The Atlanta-based company acquired Morehead West Apartments, a 211-unit North Carolina community, for $31 million. The property includes a 5,600-square-foot commercial space.

TriBridge Residential LLC purchased Morehead West Apartments, a community in Charlotte’s FreeMoreWest neighborhood. The 211-unit asset traded for $31 million. TriBridge will manage the property as well. According to Yardi Matrix data, the former owner of the property was Greensboro, N.C.-based Carlisle Residential Properties.

Located at 1932 West Morehead St., the property is less than one mile from the junction between Interstates 77 and 277. Morehead West Apartments is just five miles from the Charlotte Douglas International Airport and downtown Charlotte is within a 10-minute drive. The property features 144 one- and 67 two-bedroom units in four four-story buildings. Amenities include a fitness center, a clubhouse, a swimming pool, an indoor bicycle storage and 273 parking spaces. Morehead West Apartments includes approximately 5,600 square feet of commercial space, which will be leased by LCRE Partners.

“FreeMoreWest seems to have new retail, commercial and residential projects announced almost weekly,” said TriBridge VP of Acquisitions Yates Dunaway, in a prepared statement.

Currently, TriBridge Residential owns three other communities in the Charlotte area, including One305 Central, Highland Mill Lofts and Venue. Morehead West Apartments is the second multifamily asset to trade recently in Charlotte, N.C. Earlier this month, Bluerock Residential Growth REIT acquired Wesley Village Apartments for $57 million.

Images courtesy of Morehead West Apartments website