ATLANTA, GA - TriBridge Residential, an Atlanta-based multifamily investment and management company, and Sefira Capital, a Miami-based real estate investment firm, announced their acquisition of Ivy Hall, a 110-unit boutique community in Midtown Atlanta.
"The strength of Midtown as a walkable work-live-play neighborhood with convenient access to transit underpins our investment thesis," said Steve Broome, Managing Partner of Acquisitions at TriBridge.
The mid-rise podium-style building was completed in 2010 and sits in immediate proximity to Tech Square, the Emory Midtown Medical Hub, and Ponce City Market. The luxury apartments feature expansive views of Midtown and top-of-market finishes, including 10-foot ceilings, luxury wood custom cabinets, crown- and chair- molding, walk-in closets, and large lanais and terraces. TriBridge and Sefira plan to immediately upgrade the two dog parks, pool-side fitness center, and all indoor and outdoor amenity spaces.
"Midtown's population has grown five times faster than the City of Atlanta's since 2000 because residents are demanding unparalleled convenience – the physical manifestation of on-demand services and entertainment," added Andy Green, Acquisitions Principal at TriBridge.
Midtown features 22 million SF of office space employing over 100,000 people, 750,000 SF of retail, and over 150 restaurants. Mijael Attias, Managing Partner at Sefira, elaborated: "Ivy Hall'sproximity to excellent employers and superb amenities has created strong demand from both millennials and downsizing empty nesters alike."
TriBridge sourced and secured the off-market deal in the summer of 2018. In the past twelve months, the company has completed over $330 million in total transactions. This is TriBridge and Sefira's second investment together in the past year.