NEWPORT NEWS, VA – DF Ventures, a Drucker + Falk business unit, one of the nation’s most prominent multifamily management companies, recently closed on the buy of Compass at City Center, formerly known as Waypoint at City Center in Newport News, Virginia for $46.65M. The acquisition was achieved through a $52.675 million joint venture investment including closing costs and reserves for renovation.

Compass at City Center is a garden style community built in 1985 consisting of 396 apartment homes and is strategically positioned near City Center, Port Warwick, and The Marketplace at Tech Center with fantastic accessibility to I-64.

DF Ventures, a team of seasoned investment managers, with the expertise of the DF Multifamily Management team will do the value-add business plot for Compass at City Center. This plot includes building a clubhouse for the residents to use, transforming the existing office to a state-of-the-art fitness center, adding a pet spa, grilling areas and renovating apartments interiors.

“The acquisition of Compass at City Center presents us with the opportunity to buy a high-quality apartment community with a fantastic location and further increase its value through employing our multifamily management expertise and enhancing the amenities and apartment homes with a renovation program,” said Guy Buck, Chief Financial Officer at Drucker + Falk.

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GREENVILLE, NC – Officials of The Preiss Company, one of the nation’s largest, privately-held, student housing owner-operators, announced the opening of the recently completed 425-bed student housing complex

The Eastern on 10th in Greenville, N.C. Located at 2301 E. 10th Street in downtown Greenville, the three-building complex sits atop 10.13 acres and is less than one mile from East Carolina University (ECU). The ground-up development, featuring a variety of one-, two- and three-bedroom units, incorporates the student lifestyle with Bohemian vibes to provide students with the finest academic living arrangements available to the campus. TPCO will manage the property.

“With our corporate headquarters in Raleigh and an additional 23 student housing complexes in North Carolina, we clearly have very deep roots in the state,” said Donna Preiss, founder and CEO, TPCO. “This concentration allows for a number of benefits to both students and TPCO as a whole. All our properties share best practices and shared economies of scale, and one obviously gains the best knowledge from players already active in a marketplace. We will use our vast wealth of local, regional and statewide insight to ensure The Eastern on 10th takes and maintains its rightful place as the student accommodations of choice for area students.”

Completed earlier this year, the property features some of the markets’ largest garden-style units in studio, one-, two- and three-bedroom floor plans. All units include private bedrooms and bathrooms, as well as walk-in closets. Additionally, rooms are outfitted with granite countertops and stainless-steel appliances. The Eastern on 10th also provides a resort-style pool, outdoor lounge with cabanas, grilling/picnic stations, 24-hour resident clubhouse, 24-hour fitness center and private study rooms. The complex also features a cybercafé, self-serve coffee bar and a 438-space parking lot.

The property is within biking distance to all university classrooms and athletic facilities, as well as a large offering of nearby retail and restaurant outlets.

“While typically known for our acquisitions and rehab projects, we continue to seek development opportunities where we see room for improved student accommodations beyond what the market currently provides,” stated Susan Folckemer, chief acquisition and development officer. “With the addition of The Eastern on 10th, we currently manage more than 3,342 beds in the ECU market. TPCO enjoys a strong market presence in key locations throughout the city and state, and we continue to seek additional growth opportunities to expand our presence serving the North Carolinian student body.”

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CHARLOTTE, NC – TriBridge Residential, an Atlanta-based multifamily investment and management company, has sold One305 Central, a 281-unit luxury apartment community in Plaza Midwood.  The project also includes Yafo Kitchen, Pilot Brewing, and Snooze A.M. Eatery (opening in 2019).  TriBridge will continue to manage the property for the new owner.  John Heimburger and Dean Smith with ARA Newmark represented TriBridge in the sale. 

The sale of One305 Central comes on the heels of TriBridge’s recent acquisition of 300 Optimist Park, a 48-unit boutique community near NoDa.  300 Optimist Park is located on Parkwood Avenue across from Optimist Hall (fka Tompkins Hall). 

Optimist Hall is a 146,000 SF redevelopment of a former gingham mill that will feature a food hall, retail, restaurants and office space.  TriBridge bought 300 Optimist Park from Charlotte-based Beauxwright.  

“It’s been a busy month for us in Charlotte.  We’re sad to see One305 go, but the timing was right.  It was a very successful investment for us,” said Yates Dunaway, a Principal at TriBridge.  “300 Optimist is a community we plot to own for a long time.  We’re very bullish on the NoDa neighborhood,” Yates added. 

300 Optimist Park is TriBridge’s second community in NoDa along with Highland Mill Lofts.  Acquisition financing for 300 Optimist Park was provided by Lee McNeer with PGIM Real Estate Finance.

In the past twelve months, the company has completed over $400 million in total transactions.  In Charlotte, TriBridge owns nearly 1,000 units.

TriBridge Residential is a full-service multifamily investment, management, and development company based in Atlanta, GA, with over 7,500 units and $1.3 billion in assets under management.

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