Bridge Partners Purchases Avenue Royale Apartments in Jacksonville, Florida
Bridge Partners continued a busy Q4 2015 with its purchase of Avenue Royale, a 200-unit Class A apartment community located in Jacksonville’s desirable Southside sub-market.
The property sits in close proximity to notable employers including Bank of America, Citibank and Blue Cross & Blue Shield, and to two highly desirable retail centers- the Avenues Mall and St. John’s Town Center. The property offers an exceptional physical plant highlighted by quality townhome style construction and low density spread. BP sees a strong value-add opportunity to upgrade common area amenities and unit interiors to drive revenue growth.
Avenue Royale is the sixth acquisition by BP’s current equity fund.
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.