CHARLOTTE, NC - TriBridge Residential, an Atlanta-based multifamily investment and management company, has sold One305 Central, a 281-unit luxury apartment community in Plaza Midwood. The project also includes Yafo Kitchen, Pilot Brewing, and Snooze A.M. Eatery (opening in 2019). TriBridge will continue to manage the property for the new owner. John Heimburger and Dean Smith with ARA Newmark represented TriBridge in the sale.
The sale of One305 Central comes on the heels of TriBridge's recent acquisition of 300 Optimist Park, a 48-unit boutique community near NoDa. 300 Optimist Park is located on Parkwood Avenue across from Optimist Hall (fka Tompkins Hall).
Optimist Hall is a 146,000 SF redevelopment of a former gingham mill that will feature a food hall, retail, restaurants and office space. TriBridge purchased 300 Optimist Park from Charlotte-based Beauxwright.
"It's been a busy month for us in Charlotte. We're sad to see One305 go, but the timing was right. It was a very successful investment for us," said Yates Dunaway, a Principal at TriBridge. "300 Optimist is a community we plan to own for a long time. We're very bullish on the NoDa neighborhood," Yates added.
300 Optimist Park is TriBridge's second community in NoDa along with Highland Mill Lofts. Acquisition financing for 300 Optimist Park was provided by Lee McNeer with PGIM Real Estate Finance.
In the past twelve months, the company has completed over $400 million in total transactions. In Charlotte, TriBridge owns nearly 1,000 units.
TriBridge Residential is a full-service multifamily investment, management, and development company based in Atlanta, GA, with over 7,500 units and $1.3 billion in assets under management.