StoneBridge Investments of Washington, DC has acquired Copper Spring, a 366-unit apartment community in the prestigious West End submarket of Richmond, VA, for $54.2 million. The new ownership plans to undertake strategic upgrades to the clubhouse and other amenities, as well as some of the residences. Copper Spring is StoneBridge’s first acquisition in Richmond, following its recent acquisitions of two apartment communities totaling 500 units in Atlanta’s Perimeter Center submarket.
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.