TriBridge Residential Pays $45M for North Carolina Community

1 min read

Loray Mill Lofts is an adaptive reuse of a historic Gastonia property dating back to 1902.

Loray Mill Lofts

TriBridge Residential has acquired Loray Mill Lofts, a 189-unit multifamily community in Gastonia, N.C. Matthews Real Estate Investment Services brokered the $44.8 million transaction, representing the seller, Loray Mill Redevelopment LLC.

The property was subject to a $29.3 million loan originated by Prudential Financial, according to Yardi Matrix data.

Loray Mill is an adaptive reuse of a historic fire stone mill originally built in 1902 and converted into a multifamily property in 2015. The community encompasses one- and two-bedroom units ranging between 882 and 1,482 square feet. The property was fully renovated in 2016 into a live, work, play community that now includes 75,000 square feet of commercial space. Common-area amenities consist of a fitness center, clubhouse, spa and swimming pool.

Located at 300 S. Firestone St., the property is situated in the historical neighborhood of Loray Mill Village, near Andrew Jackson Highway and Interstate 85. There are multiple dining options, schools, retail spaces and entertainment venues in the proximity, such as Altitude Trampoline Park, Adventure Land Gastonia and Franklin Square. Green areas like Rankin Lake Park and Flyer Park are within a 3-mile radius from the property. CoreMont Regional Medical Center is only an 11-minute drive away.

Associate Vice President Connor Kerns and Senior Associate Jack Lenihan led the Matthews Real Estate team that arranged the deal. Kerns said in prepared remarks that they were able to include a potential Phase 2 build-out, two TIF structures, a tax abatement and commercial tenant negotiations in the transaction details.

Two North Carolina multifamily communities recently traded for $56.2 million. Capital Square acquired the two Asheville properties totaling 305 units.

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