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.
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.
A year after acquiring the 185,000 SF office building at 1775 Eye Street, NW in Washington, DC’s central business district, Washington REIT (NYSE:WRE) has completed an extensive $4.2 million renovation and executed leases for 79,000 SF of space, bringing the building to 98 percent leased status.
Urban Pace has sold out The Maples, an award-winning condominium community on the site of Capitol Hill’s oldest private residence. The average per-square-foot sales price set a new neighborhood record.