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StoneBridge Snags Columbia Apartment Community for $67M
StoneBridge Investments has acquired Gramercy at Town Center, a 210-unit apartment community in Columbia, MD. The sales price was $67 million.
Built in 1998 at 10601 Gramercy Place, the community features a mix of one-, two-, and three-bedroom apartments. Each Gramercy residence has a private balcony or patio, individual side-by-side washer, and walk-in closet. Amenities include a swimming pool with sundeck, 24-hour fitness center, a business center, guest suite, and private garages. Stonebridge plans improvements to the clubhouse and pool, building exteriors, and interior unit upgrades such as faux wood flooring, updated finishes and technology packages.
“Howard County, the third wealthiest county in the nation, continues to attract strong demographics with its strategic location between Washington, DC and Baltimore, its proximity to Fort Meade and NSA, world-class education system and all-around high quality of life,” said Kees Bruggen, managing director at StoneBridge Investments. “This is evidenced by Howard Hughes Corporation’s ambitious 30-year master plan for re-imagining and urbanizing Columbia’s downtown, which began in 2018 with the mixed-use development of the Merriweather District.”
The seller was undisclosed.
- ◦Sale/Acquisition
