Stockbridge, TriBridge Acquire Central Perimeter Atlanta Apartment Community

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) November 30, 2011 -- Stockbridge Capital Group, a privately held real estate investment firm, acquired the 298-unit Century at Perimeter Park in a joint venture with Atlanta-based TriBridge Residential. TriBridge will manage the property.

The community is located at 6210 Peachtree-Dunwoody Road near several corporate headquarters buildings, office complexes and retail facilities and offers easy access to MARTA rail and bus mass transit service and major roads and highways.

The purchase highlights Stockbridge’s and TriBridge’s confidence in the long-term health and growth potential of the Central Perimeter market. Derrick Bloom and David Gutting of Jones Lang LaSalle represented the seller in the transaction.

Built in 1998, the community will be renamed “Parc at Perimeter” and undergo a renovation that will include improving the clubhouse, amenity areas and apartment interiors. Common area renovations and the re-branding are expected to be complete in the first quarter of 2012.

The community features one-, two- and three-bedroom floor plans. Amenities and features include a clubhouse, pool with complimentary pool-side Wi-Fi, fitness center, landscaped courtyard, business center and secured access entry.

“Parc at Perimeter represents a terrific investment for Stockbridge Capital Group and TriBridge Residential and will continue to offer value and quality for our current and future residents,” said Stockbridge Managing Director Dan Weaver.

Many signs point to the long-term attractiveness of the Perimeter Center area for investors in multi-family rental properties, including job growth, transportation improvements and scarcity of and premium prices for developable land.

According to TriBridge President of Operations Justin Marshall: “The current market conditions in Atlanta and the Southeast offer a wealth of opportunity for real estate investors, and we look forward to partnering with Stockbridge on this project.”

Parc at Perimeter is Stockbridge’s first multi-family investment in metro Atlanta and comes on the heels of the company opening a regional office in Atlanta in October. “We’re very bullish on real estate investments in Atlanta and the Southeast,” said Weaver. “And we’re excited to be partnering with TriBridge, one of the leaders in Southeast multi-family housing.”

About Stockbridge Capital Group, LLC

Stockbridge is a privately held real estate investment firm that manages both commingled funds and separate accounts, primarily on behalf of institutional investors, and also provides strategic advisory services with respect to real estate assets and portfolios. The firm’s portfolio comprises assets across the investment risk spectrum, including core, value-added and opportunistic strategies. Stockbridge has approximately $4.4 billion of assets under management, including 27 million square feet of existing office, retail, industrial and multi-family properties throughout the United States. The firm also specializes in large-scale development and redevelopment projects. Stockbridge is headquartered in San Francisco with offices in Chicago, New York and Atlanta. www.stockbridgerealestate.com

About TriBridge Residential

TriBridge Residential is a highly diversified and forward thinking multi-family real estate company with proven leadership and quality professionals committed to executing the objectives of its investors, clients and residents. TriBridge prides itself on providing expertise in development, investment and management for its clients. TriBridge Residential leverages the experience of the three principals to take advantage of market opportunities and provide a high rate of return on investment. TriBridge plans to expand upon its 20,000 units under management, located across the South in 6 states and 14 cities For more information, please visit the company online at www.tribridgeresidential.com.

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