Bridgeport is one of three properties in the Raleigh Portfolio, which represents both TruAmerica’s first investment in the Raleigh-Durham MSA and the State of North Carolina. Located in Northwest Raleigh, Bridgeport is in one of Raleigh’s best performing and most attractive suburban markets. Northwest Raleigh provides strong connectivity to employment centers in the Research Triangle Park and Downtown Raleigh. Furthermore, Bridgeport is zoned to “A-rated” Northwest Raleigh public schools, including Leesville Road Middle and High Schools, amongst the most desirable middle and high schools in the MSA. The asset features a low-density setting (16 homes/acre) and is one of only five communities with frontage on Lake Lynn. Lake Lynn is a 56-acre man-made lake, popular with kayakers and canoers as well as joggers, cyclists, and walkers that take advantage of the 2.8-mile trail encircling the lake.
TruAmerica plans to renovate the remaining classic homes and make select, accretive upgrades to the partially renovated homes, exteriors, and amenity spaces.
The 276-unit property was built in 1991. All homes include large walk-in closets and balconies or patios, while select homes include washers/dryers and wood burning fireplaces. The property has been well maintained and presents an opportunity to make accretive improvements to the apartment interiors. Upgrades to the apartment interiors in the remaining classic homes will include stainless steel appliances, vinyl flooring, stone countertops with undermount sink, new cabinet fronts and pulls, tile backsplash, and upgraded plumbing and lighting fixtures.
TruAmerica also plans to make targeted, accretive improvements to exteriors and amenity spaces. Potential amenity enhancements and upgrades include upgrading the fitness center, repurposing the tennis court to a sports court, and adding new furnishings at the pool. Furthermore, painting the exterior and improving the landscaping will help enhance the overall image and curb appeal of the property.