StoneBridge Investments of Washington, DC has acquired 550 Abernathy Apartments, a 228-unit apartment community in the greater Atlanta submarket of Sandy Springs, for $31 million. The property is located at 550 Abernathy Road NE within Perimeter Center, a fast-growing “edge city” that encompasses three small cities: Brookhaven, Dunwoody, and Sandy Springs. It is Atlanta’s largest employment center, with over 123,000 employees, 31 million SF of office space, three major hospitals, and six million SF of retail space including the 1.5 million SF Perimeter Center Mall.
StoneBridge Investments of Washington, DC has acquired Beech’s Farm, a 135-unit rental apartment community in Columbia, MD, for $25.5 million. The new ownership plans unit renovations and a new fitness center. StoneBridge’s European investors were attracted to the area’s strong economy and demographics.
Atlantic Realty Companies of Tysons, VA and New York-based alternative investment firm Angelo, Gordon & Co. have acquired Tysons Concourse from California State Teachers’ Retirement System for $78.8 million. They JV plans a $6 million renovation.
Washington Property Co. Opens CubeSmart in Rockville, MD; Acquires I-270 Office Building in JV with Alex. Brown
Washington Property Company (WPC) of Bethesda, MD has completed converting an 82,000 square foot office building in Rockville, MD to self-storage, shortly after acquiring the adjacent office building in a joint venture with Baltimore-based Alex. Brown Realty, Inc. for $17 million. The new storage facility is now open for business at 4 Research Place, and […]