Bridge Buys Silver Spring MF for $70M
Spring Parc, a 399-unit apartment community in Silver Spring, MD, has traded hands for $70.25 million. An affiliate of Salt Lake City-based Bridge Investment Group LLC acquired the asset from Ares Management, L.P.
The property includes 120 one-bedroom, 232 two-bedroom and 47 three-bedroom units, along with institutional-quality amenities, including a swimming pool with separate children’s wading pool, grilling area, two playgrounds, dog park and a fitness center. Located at 17 Featherwood Court, the property is situated in Montgomery County near key employment centers in Silver Spring, Rockville and Washington, D.C., as well as major regional thoroughfares such as Interstates 95 and 495, the Intercounty Connector (ICC)/Maryland 200 and Route 29.
HFF’s investment advisory team representing the seller included Walter Coker, Brian Crivella, Roland Merchant and Stephen Conley, a Maryland licensed real estate broker.
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