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.
What simple act, if widely adopted, could kick urban revitalization up to the next level? Could it be . . . falling in love? Peter Kageyama, author of For the Love of Cities, recently brought his unconventional philosophy to the Urban Land Institute. Jason Hall also took to the ULI stage to discuss how he created a virtual revolution in beleaguered Detroit—just by riding a bike. Read this and other articles by Leslie Braunstein in Urban Land magazine online.
Bethesda, MD-based Washington Property Company has completed construction of its latest and most upscale urban living destination, Solaire Bethesda, with 139 luxury rental apartments atop street-level retail space that will feature a True Food Kitchen restaurant scheduled to open in early 2017.
Condominium buyers now have an opportunity to acquire spacious, stylish two-level homes in Washington’s dynamic U Street corridor, just three blocks from the U Street Metro station. Urban Pace has launched sales of The Lofts at 1111W, with prices starting in the $800,000s.