RALEIGH, NC - TriBridge Residential, an Atlanta-based apartment investment and management company, announced that it acquired 401 Oberlin, a 244-unit apartment community in Raleigh, in an off-market transaction. The property was purchased in a joint venture with affiliates of Hartford Investment Management Company (HIMCO), which acted as their investment advisor.
The mid-rise mixed-use building was built in 2014, and is immediately adjacent to Cameron Village, Raleigh's premier retail and dining destination. The luxury apartments feature top of the market finishes, including granite countertops, a stainless steel appliance package, and wood plank-style flooring. Residents have access to a rooftop terrace with city view, a state of the art fitness center and yoga studio, a demonstration kitchen, and a salt water pool. There is also approximately 9,000 square feet of fully-leased retail and restaurant space, featuring Tupelo Honey Café as the restaurant anchor. TriBridge Residential will assume on-site management of the apartments and the retail.
"We were attracted to 401 Oberlin for its direct proximity to the walkable neighborhood retail in Cameron Village, the employment hub of Raleigh's central business district, and North Carolina State University," said Yates Dunaway, VP of Acquisitions at TriBridge. "We are confident that Raleigh's stable economic base will provide steady renter demand in the area for the foreseeable future."
401 Oberlin marks TriBridge's first acquisition of 2015, and fourth joint venture with HIMCO in the past two years. The firm recently closed out a record year, with $650 million in total transactions, including $375 million of new acquisitions.
TriBridge Residential is a full-service multifamily investment, management, and development company based in Atlanta, GA, with 12,000 units and $1.2 billion in assets under management as of December 31, 2014.