Bridge Real Estate Group, a leading boutique property management and real estate investment services company, announces that its portfolio now exceeds 15,000 units. The company reached this milestone in the second quarter of 2018 after achieving over 10 percent annual growth in recent years, which equates to adding more than 5,000 units in just the past five years; and doubling its portfolio over the past 10 years. Now, it boasts a growing presence in nine states, with 85 properties spanning 16 metropolitan statistical areas (MSAs).
“This milestone is a result of the outstanding effort from all of our employees at Bridge Real Estate Group,” said Lori Krull, president of operations and partner at Bridge Real Estate Group. “Their tremendous effort has enabled our clients to continue to add properties to their portfolios. We continue to strive for the best service and value for our clients with our continued growth in the southeastern U.S.”
The company’s diverse portfolio consists of a variety of product types and business strategies, including stabilized, value add, major renovations/repositions and new construction/lease-up. On average, properties were built in 1988 with about 180 units each, and the company’s portfolio occupancy is 95 percent with annualized income growth exceeding 5 percent. Asset age and size ranges from 1970 to 2017 and 40 units to 507 units, respectively.
Three significant acquisitions pushed Bridge to 15,000 units, and with additional properties in its pipeline, the company will continue its growth through the rest of 2018. The largest of these properties is The Atlantic Delray in Delray Beach, Florida, featuring 346 units. This property, owned by Cardone Capital, was built in 2017 and offers a variety of amenities in a luxury Class-A community. This is the 17th deal in Cardone’s portfolio currently managed by Bridge. Cardone Capital continues to grow with a cutting-edge approach to real estate investments involved in over 45 transactions in California, Arizona, Texas, Tennessee, North Carolina, Georgia, Alabama and Florida.
Another major acquisition is the newly renovated Cordova Creek near Memphis, Tennessee. Built in 1986 and consisting of 196 units, Cordova Creek is the second acquisition in the submarket and the 15th asset managed by Bridge for Stoneweg SA, a Switzerland-based investment group with assets over 10,000 units across 20 states. With many apartments featuring custom cabinets, black appliances, modern lighting, laminate wood floors, blinds, private patios/balconies, washers and dryers, and wood-burning fireplaces, Cordova Creek is near premier retail and entertainment destinations in the trendy Germantown submarket.
The third property is Villas at Deer Park Apartment Homes in Lutz, Florida. This 172-unit property was built in 1973 and is composed of all two-bedroom, one-bath single-story units. Located north of the University of South Florida, it is the second acquisition for Bridge’s client, Latitude, in the Tampa Bay MSA. This addition is part of a broad, continuing investment strategy for Latitude in the market to identify underperforming assets with a value-added enhancement through capital improvements and stronger management oversight.
For additional company information, history and services, please visit www.bridgeregroup.com.
Bridge Real Estate Group
Bridge Real Estate Group is a multifamily property management company headquartered in Boca Raton, Florida. Founded in 2005, Bridge has grown to be a leading boutique property management and real estate investment services company in the U.S. With a portfolio of properties under its management that encompass a distinct mix of demographics, Bridge is dedicated to personal service and demonstrates a commitment to positively impacting the lives and communities that it serves.
Jessica (Victor) Dinin
Bridge Real Estate Group, Marketing Manager
O: 561.826.9022; C: 954.254.7992