Two Bridges Acquires 132 Apartments in $4.85 Million Deal

Two Bridges Asset Management LLC, which invests in multifamily rental properties in attractive but overlooked markets, announced its second acquisition this year of a high-quality multifamily property in South Carolina.

Simpsonville, SC, July 31, 2014: In a $4.85 million deal, Two Bridges Asset Management LLC acquired the Village Park Apartments, a 132-unit multifamily rental property in Simpsonville, South Carolina. This marks the second significant multifamily acquisition in South Carolina this year by the Brooklyn, New York-based real estate investment firm. In February, Two Bridges purchased the 102-unit Valley Creek Apartments in Spartanburg, SC, for $4.1 million.

Jonathan D. Twombly, President of Two Bridges, commented: “We are extremely pleased to add a well-maintained asset like Village Park to our growing portfolio of multifamily rental properties in the Carolinas. We look forward to investing further in this property to ensure that it continues to be an attractive place for our tenants to make their homes.”

Asked why the Brooklyn-based Two Bridges invests in smaller markets like Simpsonville, Twombly explained: “We like areas, like the Upstate in South Carolina, which have solid job markets and strong prospects for future population growth, yet are still overlooked by most investors. We feel these markets allow us to provide real value to our clients. Most of our investors are from major markets where multifamily real estate yields have been driven to historic lows by a follow-the-crowd mentality and a huge influx of foreign capital. But properties with more attractive yields are far away, in markets they cannot access themselves. We ‘bridge’ the gap for them, if you will. Village Park fits squarely within that strategy.”

Twombly continued, “We are truly grateful to all those who provided invaluable assistance in this deal, particularly Mark Ethridge and Alexis Pattison at Capital Advisers in Charlotte, who helped source financing. We look forward to working with our property management team at Ledic Management in Memphis to provide good homes to our tenants and deliver strong performance to our investors.”

Red Drum Capital LLC acted as Two Bridges’ broker, while Buist, Byars & Taylor LLC provided legal representation.The seller, Gastonia, NC-based Southwood Realty, was represented by Kay Hill and Tony Bonitati of NAI Earle Furman in Greenville, SC.

About Two Bridges Asset Management LLC: Two Bridges, based in Brooklyn, New York, offers accredited investors the ability to invest in attractive multifamily real estate opportunities in secondary and tertiary markets in the fast-growing Southeastern United States. Jonathan D. Twombly is Two Bridges’ President and Managing Member.