Bridge Partners, a real estate investment company headquartered near San Francisco, recently acquired the note secured by The Trellis Apartments in Savannah, GA. The asset represents Bridge Partners’ first investment in the Savannah market and expands the company’s presence in the southeast. Bridge Partners completed the transaction with an institutional capital partner in an all-cash closing at the originally contracted price within 10 days of signing the purchase contract.
The A class Trellis asset was constructed in 2009 with Hardie plank siding and high end interior finishes. Its 264 units are distributed among twelve 3-story buildings consisting of 114 one-bedrooms, 96 two-bedrooms and 54 three-bedroom apartment homes. Trellis’ broad amenity package includes: controlled access gates, a New Orleans-themed clubhouse with internet cafe’ and billiards room, a resort-style swimming pool with fountains, an outdoor fire hearth, seating and gas grills, detached garages and a fitness center with tanning beds and access to jogging/hiking/biking trails near the property.
Trellis is located on Brasseler Boulevard off of Abercorn Street (Hwy 204) – a major thoroughfare through the Georgetown submarket of southern Savannah. The submarket recorded high demand in the past year with same-store rents rising by 4.8% over the past twelve months, an average increase of $36.
Bridge acquired the Trellis loan with a pending loan maturity as part of its business plan to buy both performing and non-performing notes secured by multifamily properties throughout the country. The firm is actively seeking additional new investments across its several 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 includes 7,000 units across 13 states.