Bridge Partners Acquires $23M Class A Property through Freddie Mac Loan Assumption
Bridge Partners, a real estate investment company headquartered near San Francisco, recently acquired Essex Place Apartments, a 352 unit multi-family apartment community located in Overland Park, KS. The community features garden and townhome-style units across 41 unique floor plans, averaging 1,219 sq. ft. per unit. Located within 3 miles of The Sprint World Headquarters, residents of Essex Place benefit from its close proximity to the Overland Park Business District as well as several retail entertainment centers within the city’s Town Center District.
Bridge Partners completed the transaction at the original contracted price using Freddie Mac financing in less than 60 days. With plans to complete over $1M in immediate capital renovations and improvements, Bridge Partners will execute a value add investment strategy with the asset. The firm is actively seeking additional new investments that fit within its value add or other business plans, as indicated by the acquisition criteria shown to the left.
Founded in 1990, Bridge Partners specializes in the acquisition, renovation, and management of multifamily and hospitality properties nationwide. In the course of its history, Bridge Partners has completed over 200 transactions across 17 states and 50 domestic markets. Its existing portfolio features 7,000 throughout 13 states.