Two Bridges Asset Management Acquires Two Apartment Communities in South Carolina

Two Bridges Asset Management Acquires Two Apartment Communities in South Carolina

SPARTANBURG, SC - Two Bridges Asset Management LLC, which specializes in acquiring multifamily rental properties in attractive but overlooked markets, announced its acquisition of two properties in South Carolina totaling 170 apartments. These deals cap a twelve-month period during which Two Bridges acquired 404 units across four properties valued at approximately $20mm.

In a $5.6 million deal, Two Bridges Asset Management LLC acquired the Timbercreek Apartments, a 116-unit multifamily rental property. This acquisition follows closely on the heels of Two Bridges’ $3.2 million acquisition of the Addison Townhomes, a 54-unit property in Taylors, South Carolina, a suburb of Greenville. That deal closed in mid-December 2014.

These twin acquisitions mark the third and fourth deals in South Carolina in the past 12 months by the Brooklyn, New York-based real estate investment firm. In February 2014, Two Bridges purchased the 102-unit Valley Creek Apartments in Spartanburg, SC, for $4.1 million. In July of last year, it acquired the Village Park Apartments in Simpsonville, SC, in a $4.85 million deal.

Jonathan D. Twombly, President of Two Bridges, commented: “We are extremely pleased to add two very attractive assets to our growing portfolio of multifamily rental properties in the Carolinas. These properties will increase our ability to obtain economies of scale across our portfolio, enabling us to maintain high standards of quality while simultaneously reaping cost savings.”

Asked why the Brooklyn-based Two Bridges invests in smaller markets like Taylors and Spartanburg, Twombly explained: “We really like areas, like the Upstate in South Carolina, which have solid job markets and strong prospects for future population growth, yet are still overlooked by most investors. We feel these markets allow us to provide real value to our clients. Most of our investors are from major markets where multifamily real estate yields have been driven to historic lows by a follow-the-crowd mentality and a huge influx of foreign capital. But properties with more attractive yields are far away, in markets the investors cannot access themselves. We ‘bridge’ the gap for them, if you will. Timbercreek and Addison fit squarely within that strategy.”

Twombly continued: “We are truly grateful to all those who provided invaluable assistance in this deal, particularly Mark Ethridge and Alexis Pattison at Capital Advisers in Charlotte, who helped source financing. We look forward to working with our property management team at Ledic Management to provide good homes to our tenants and deliver strong performance to our investors.”

Red Drum Capital LLC of Mt. Pleasant, SC, acted as Two Bridges’ broker, while Buist, Byars & Taylor LLC, also of Mt. Pleasant, provided legal representation. Kay Hill, Tony Bonitati and Bern DuPree of NAI Earle Furman in Greenville, SC, represented the seller.

Source: Two Bridges Asset Management / #Apartments #Multifamily

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