An Atlanta-based apartment company has purchased the Morehead West apartments near Freedom Drive for $31.5 million.
TriBridge Residential announced the deal Friday, a day after Bluerock Residential Growth REIT announced it has purchased the Wesley Village Apartments at Freedom Drive and Thrift Road for $56.9 million. TriBridge is also developing retail space and 281 apartments in Plaza Midwood, at One305 Central.
TriBridge said rapid growth in the corridor west of uptown made the area attractive. Property records show the company bought the apartments from an affiliate of Greensboro-based Carlisle Residential Properties.
“We are very pleased to acquire a quality apartment community in a neighborhood we feel is poised for exciting growth,” said Yates Dunaway, vice president of acquisitions for TriBridge, in a statement. “FreeMoreWest seems to have new retail, commercial, and residential projects announced almost weekly.”
TriBridge will manage the property, and Ligon Commercial Real Estate will lease the 5,600 square foot commercial building on the site. Morehead West apartments total 211 units, meaning the cost of the acquisition was just under $150,000 per apartment.