Wed, 03/09/2014 - 11:41
Lowe Enterprises Investors (LEI) has formed a joint venture with TriBridge Residential to own and operate the City View Apartments at 433 Highland Avenue NE in Atlanta.
City View is a 202-unit mid-rise apartment building built in 2003, located between Downtown and Midtown Atlanta in the emerging Old Fourth Ward submarket.
“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 revitalisation,” says Bleecker P Seaman, co-chief executive of Lowe Enterprises Investors. “As our multifamily investment management portfolio continues to expand, we will be actively seeking additional property acquisitions in the Southeast.”
The fully-leased gated community offers a mix of one-and two-bedroom units. LEI and TriBridge will complete improvements to the units, 40 per cent of which have been recently upgraded, and to common areas to complement the recent renovation of the fitness centre and resort-style pool. Unit improvements include granite countertops, new appliances and washers and dryers in all apartments. City View also offers a business centre, covered parking, a meditation courtyard and car wash centre.
“We are excited about the venture and our new relationship with Lowe Enterprises. City View is situated squarely in the path of BeltLine driven growth in the Old Fourth Ward/Inman Park submarket and we believe we are well-positioned to take advantage of that growth,” says Andy Green, vice president of acquisitions for TriBridge Residential.
John Gaghan, vice president of LEI, and Andy Sands, senior vice president and director of LEI’s multifamily activities, led the acquisition team for Lowe Enterprises Investors. Andy Green, vice president, and Steve Broome, managing partner, led the acquisition team for TriBridge Residential. Derrick Bloom of JLL represented TriBridge Residential.
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