Real estate investor and developer StoneBridge Investments has acquired Gramercy at Town Center in Columbia, Md. The 210-unit apartment community fetched $67 million. The Bozzuto Group, which also managed the property, was the property’s seller.
“In today’s highly-competitive multifamily property acquisitions market, in which everything is fully priced and yields are tightening, it’s challenging to find and acquire high-quality projects in proven, dynamic locations,” Will Bateman, StoneBridge Investments director, told Multi-Housing News.
“Gramercy at Town Center fit our criteria very well. It has historically been a market-leading property within Columbia,” Bateman added. “Furthermore, ongoing redevelopment of downtown Columbia provides a very attractive long-term growth catalyst, supported by Howard County’s excellent reputation.”
Featuring an address at 10601 Gramercy Place, the rental property stretches across an approximately 9-acre parcel, features 23.2 units per acre and includes seven two-, three- and four-story buildings. The property offers one- two- and three-bedroom apartments. Residences feature individual side-by-side washer-dryers, balconies or patios, vaulted ceilings and, in select homes, gas fireplaces and built-in computer niches. A swimming pool with sundeck heads the list of amenities.
Gramercy at Town Center is situated in Howard County, the nation’s third wealthiest. In a statement, Stonebridge Investments noted the county’s location between Washington, D.C. and Baltimore, as well as its nearness to Fort Meade and NSA, ensure that it continues to appeal to a strong demographic. Other qualities of the county include an enviable all-around quality of life, as well as a world-class education system.
All of these factors contributed to Howard Hughes Corp.’s decision to launch a 30-year master plan for reimaging and urbanizing downtown Columbia. That process was begun three years ago with the creation of the mixed-use Merriweather District.
CBRE’s Martha Hastings and Bill Roohan represented the seller, while the same firm’s Maxi Leachman and David Webb, arranged financing on behalf of StoneBridge Investments. Two months ago, Howard Hughes Corp. secured an $83 million loan to begin developing Marlow Apartments in the Merriweather District.