Bridge Partners Acquires Two Properties in Brunswick
Brunswick, GA May 5, 2015
Bridge Partners, a real estate investment company headquartered near San Francisco, recently acquired Fountain Lakes Apartments and Cypress Mill Apartments in Brunswick, GA, a market enjoying steady expansion due to a productive and growing port that ranks second only to Baltimore in auto and machinery shipping and strong year-round tourism demand for the Golden Isles. The port of Brunswick is a key logistics hub in the Southeast with both the infrastructure to handle large automotive imports/exports and close proximity to regional urban centers and manufacturing plants. In addition to the port and Brunswick’s island tourist economy, the city is home to the headquarters facility of the Federal Law Enforcement Training Center, another significant employment driver.
Fountain Lakes and Cypress Mill each present a strong value-add opportunity with the potential to increase income as well as reduce expenses. While the two assets were purchased separately, the land parcels are contiguous to one another providing the opportunity to consolidate marketing efforts and integrate operational costs.
Both transactions were completed on expedited due diligence timelines, including a 43-day contract to close on Cypress Mills. Financing for the projects was obtained through Fannie Mae loans serviced by PNC Real Estate.