The TriBridge team has worked hard to create quality investments.The Preserve at Econ River
The partners of TriBridge oversaw the acquisition of the Preserve at Econ River in December of 2009. The 356 unit community was built in 1998 in a highly desirable submarket of Orlando, Florida just three miles from the University of Central Florida. The Florida Housing Authority had foreclosed on this low-income tax credit community earlier in 2009 thus eliminating the tax credit rental restrictions. Our vision and experience enabled us to successfully renovate, rebrand and reposition the asset to achieve its full potential. Within the first year of ownership, the property underwent a $2 million renovation and removal of the tax credits, resulting in improved resident quality and an increase in total income of 20%.
Tenn Street Station
Formerly known as Beach Club Student Apartments, the team at TriBridge Residential oversaw the acquisition of this by-the-bed student community in Tallahassee, Florida at the end of 2009. The property was built in 2003 and consists of 624 beds, all on individual leases. The property serves Florida State University and Tallahassee Community College students, located 1.9 and 1.4 miles away from the respective campuses, along the university bus routes. In 2010, the property achieved pro forma and in 2011, the property pre-leased in three months at rates $20 per bed higher than pro forma.
The Edge & The Zone at East End
Originally known as Longhorn Landing, this 522 unit, 1,494 bed student housing community was built in 1996 in Austin, Texas. The property draws from over 67,000 students at nearby universities, most notably, the University of Texas at Austin (51,000 students), as well as Austin Community College (7,200 students at Riverside Campus), St. Edward's University (5,000 students) and Huston-Tillotson (800 students). The Edge & The Zone at East End is within a few miles of each of these campuses and is located along the University of Texas' shuttle route, which provides easy access to and from campus.
This top performing asset was purchased in September of 2010. The TriBridge team is currently overseeing a $2.15 million renovation to further enhance the property's potential. Part of the renovation plan is to differentiate the two existing phases with complimentary amenity packages to maximize prospect capture rate. Amenity renovations include redesigned clubhouses, a stage, bocce ball, game room, fitness centers and a fresh marketing campaign.
ION at East End
Formerly know as University Commons, ION at East End is a 288 unit, student housing community, built in 1998 and located in Austin, Texas. The asset consists of 792 beds, all on individual leases. The property draws from over 67,000 students at nearby universities, most notably, the University of Texas at Austin (51,000 students), as well as Austin Community College (7,200 students at Riverside Campus), St. Edward's University (5,000 students) and Huston-Tillotson (800 students).
ION was acquired by TriBridge in March of 2011 at a discounted price due to a prior foreclosure and poor management. ION is located across the street from the Edge and Zone, also owned by TriBridge, and its renovation and rebranding plan will compliment what is already underway at the Edge and Zone. A $2.2 million renovation has just begun to reposition this asset as a top performer in the submarket.