Bridge Partners Acquires Carrington Ridge Apartments
October 25th, 2017
Bridge Partners (BP), a multifamily real estate investment firm located in Walnut Creek, California, has purchased Carrington Ridge Apartments, 152 units located in Hendersonville, TN. The asset is the fifth property purchased by BP Fund II, a value-add multifamily equity fund raised in late 2016.
Carrington Ridge is well located in the desirable northeast Nashville suburb of Hendersonville, just twenty minutes away from Nashville’s booming downtown. Hendersonville offers easy access to recreational outdoor activities, and perhaps most importantly, its public schools are among the best in the greater Nashville area.
BP’s business plan includes engaging in a programmatic interior upgrade program and improving on the exterior presentation and amenities to support increasing rent levels.
Bridge Partners worked with Walker and Dunlop’s Northeast Team to assume the existing Freddie Mac loan and add a supplemental loan at closing. BP’s ability to assume the in-place financing and secure supplemental financing allowed the seller to avoid a costly prepayment penalty that would have otherwise made a sale prohibitive.