{"id":1004120934,"date":"2015-06-09T13:39:31","date_gmt":"2015-06-09T21:39:31","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=352486"},"modified":"2022-11-30T19:18:19","modified_gmt":"2022-12-01T03:18:19","slug":"tribridge-bluerock-joint-venture-on-175k-per-unit-triangle-acquisition","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/tribridge-bluerock-joint-venture-on-175k-per-unit-triangle-acquisition\/","title":{"rendered":"Tribridge, Bluerock Joint Venture on $175K-Per-Unit Triangle Acquisition"},"content":{"rendered":"

by Adriana Pop, Associate Editor <\/em><\/p>\n

\"\"<\/a>In a joint venture partnership with Bluerock Residential Growth REIT (BRG), Atlanta-based Tribridge Residential LLC has closed on its third acquisition of a large multifamily community in the Triangle region.<\/p>\n

According to the Triangle Business Journal<\/a><\/em>, the newly built Whetstone Apartments at 501 Willard St. in downtown Durham sold for $35.6 million. Back in March, Armada Hoffler Properties, the seller of the 204-unit Class AA complex, announced<\/a><\/em> it would be selling the asset, without disclosing the identity of the buyer.<\/p>\n

In its pre-sale acquisition, Tribridge Residential was represented by Allan Lynch and Justin Good with Cushman & Wakefield\/Thalhimer.<\/p>\n

The company\u2019s joint venture partner BRG made a convertible preferred equity investment of $12.2 million. Under the invest-to-own agreement, the firm will be entitled to a current-pay preferred return on investment of 15 percent per year. Once the project is stabilized, it will have the right to convert its investment into a majority equity position.<\/p>\n

The community\u2019s per-unit purchase price of approximately $175,000 represents a nominal stabilized cap rate of approximately 6 percent. These figures compare favorably to similar assets in the market exceeding $200,000 per unit with cap rates of between 4.75 and 5.0 percent.<\/p>\n

Last October, Tribridge paid $38.7 million to purchase the 319-unit Harrison Grande apartment community in Cary. Later in January, the company also closed on the blockbuster $65 million acquisition<\/a><\/em> of the 244-unit 401 Oberlin apartments in Raleigh.<\/p>\n

Photo credits: whetstoneapartments.com<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

In a joint venture partnership with Bluerock Residential Growth REIT (BRG), Atlanta-based Tribridge Residential LLC has closed on its third acquisition of a large multifamily community in the Triangle region.<\/p>\n","protected":false},"author":260,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,1604],"tags":[],"class_list":["post-1004120934","post","type-post","status-publish","format-standard","hentry","category-latest","category-raleigh-durham"],"acf":[],"yoast_head":"\nTribridge, Bluerock Joint Venture on $175K-Per-Unit Triangle Acquisition - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/tribridge-bluerock-joint-venture-on-175k-per-unit-triangle-acquisition\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tribridge, Bluerock Joint Venture on $175K-Per-Unit Triangle Acquisition\" \/>\n<meta property=\"og:description\" content=\"In a joint venture partnership with Bluerock Residential Growth REIT (BRG), Atlanta-based Tribridge Residential LLC has closed on its third acquisition of a large multifamily community in the Triangle region.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/tribridge-bluerock-joint-venture-on-175k-per-unit-triangle-acquisition\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2015-06-09T21:39:31+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-01T03:18:19+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/06\/Whetstone-Apartments-in-Durham1.png\" \/>\n<meta name=\"author\" content=\"Adriana Pop\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/tribridge-bluerock-joint-venture-on-175k-per-unit-triangle-acquisition\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/tribridge-bluerock-joint-venture-on-175k-per-unit-triangle-acquisition\\\/\"},\"author\":{\"name\":\"Adriana Pop\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/c6fbe4a6cd09e6097b39e787ae96d7ad\"},\"headline\":\"Tribridge, Bluerock Joint Venture on $175K-Per-Unit Triangle Acquisition\",\"datePublished\":\"2015-06-09T21:39:31+00:00\",\"dateModified\":\"2022-12-01T03:18:19+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/tribridge-bluerock-joint-venture-on-175k-per-unit-triangle-acquisition\\\/\"},\"wordCount\":239,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/tribridge-bluerock-joint-venture-on-175k-per-unit-triangle-acquisition\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2015\\\/06\\\/Whetstone-Apartments-in-Durham1.png\",\"articleSection\":[\"News\",\"Raleigh-Durham\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/tribridge-bluerock-joint-venture-on-175k-per-unit-triangle-acquisition\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/tribridge-bluerock-joint-venture-on-175k-per-unit-triangle-acquisition\\\/\",\"name\":\"Tribridge, Bluerock Joint Venture on $175K-Per-Unit Triangle Acquisition - 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