Bridge Partners Acquires Barclay Club Apartments
March 28th, 2016
Kansas City, MO
Bridge Partners recently purchased the Barclay Club Apartments, a 400 unit garden style property located in the Northland submarket in Kansas City, MO. Barclay Club is Bridge’s first investment in the state of Missouri, and third overall in the Kansas City MSA.
The Northland is one of Kansas City’s strongest submarkets and contains attractive retail centers, established healthcare providers, and proximity to major employers such as Cerner and Harley Davidson. Barclay Club’s location features direct access to Highways I-29 and I-152 and is a short drive from Kansas City International Airport and downtown Kansas City.
Bridge has engaged Lincoln Property Company, a proven regional third party management company, to oversee operations and execute a moderate capital improvement program which will include both a clubhouse renovation and appliance, flooring and hardware upgrades in the unit interiors. Bridge secured favorable Fannie Mae financing terms with PNC on the deal.
Founded in 1990, Bridge Partners specializes in the acquisition, renovation, and management of multifamily and hospitality properties nationwide. Bridge Partners has completed over 200 transactions across 23 states and over 50 domestic markets. Its existing portfolio features 5,500 units across 15 states. In its 25 year history, Bridge Partners has zero credit defaults in all of its lending channels including: Fannie Mae, Freddie Mac, HUD, CMBS, along with various balance sheet and unsecured capital products. Bridge Partners is actively seeking additional investments that fit within its business plans, as indicated by the acquisition criteria shown to the left