ATLANTA—A joint venture between Los Angeles-based Lowe Enterprises Investors and TriBridge Residential has acquired the 202-unit City View Apartments property here.
Lowe, acting on behalf of an investment client, and Atlanta-based TriBridge will now own and operate the mid-rise apartment property built in 2003. No financial details on the transaction were released.
“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,” says Bleecker P. Seaman, co-CEO 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 of which 40% have been recently upgraded, as well as to common areas to complement the recent renovation of the fitness center and resort-style pool, company officials say.
“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.
City View also features a 10,000-square-foot ground floor CVS Pharmacy.
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 in the transaction.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
