ATLANTA, GA - TriBridge Residential, an Atlanta-based multifamily investment and management company, and Coro Realty Advisors, an Atlanta-based retail owner and operator, announced that they acquired Inman Quarter, a new mixed-use development in Atlanta's trendy Inman Park neighborhood. The property includes 200-unit luxury apartments, approximately 39,000 square feet of Class A retail and 575-space parking deck.
"Inman Park is the quintessential urban infill development in Atlanta," said Steve Broome, managing partner of acquisitions at TriBridge. The mid-rise building, which was completed in January 2015, is located in the heart of Inman Park, only a half block from the popular Beltline trail and a few blocks from Krog Street Market. The luxury apartments feature top-of-the-market finishes, including quartz countertops, stainless steel appliances, and wood plank-style flooring. Residents have access to a rooftop clubroom, a state of the art fitness center, a poolside billiards room, and an on-site event stylist with monthly socials. The retail and restaurant space features upscale tenants including Ford Fry, MF Sushi, Bartaco, and Hampton & Hudson, among others. In addition, the property includes a 315 space public parking deck that provides both valet and self-service parking. TriBridge Residential will manage the apartments. Coro will manage the retail.
"Between the vibrant neighborhood, Beltline access, and top dining options, Inman Quarter is one of the hottest locations for intown renters," according to Andy Green, Vice President of Acquisitions at TriBridge. Going further, Robert Fransen, Partner at Coro Realty, added, "The retailers at Inman Quarter will provide a unique mix of dining, boutique shopping, and neighborhood retail that targets Inman Park's dynamic community."
TriBridge sourced and secured the off-market deal in the summer of 2014 using internally sourced funds from long-term investors and TriBridge Equity Partners II, the company's co-investment fund. The acquisition builds on TriBridge's recent strategy of trading older assets for newer properties intended for long-term hold. In the past twelve months, the company has completed over $900 million in total transactions, including over $550 million in new acquisitions. Based on the high-profile and significant retail component, TriBridge brought Coro Realty into the deal as a partner to ensure successful execution. Inman Quarter represents Coro Realty's sixth acquisition in the past twelve months.