StoneBridge Investments of Washington, DC, has acquired Gramercy at Town Center, a 210-unit rental apartment community in Columbia, MD, for $67 million.
CBRE’s Martha Hastings and Bill Roohan represented the undisclosed seller. Maxi Leachman and David Webb, also of CBRE, arranged financing on behalf of StoneBridge.
“We were attracted to this project because of its unique place within the submarket,” said Will Bateman, director, StoneBridge Investments. “Gramercy at Town Center affords residents a lower-density garden-style community and spacious units without sacrificing easy walkability to all Columbia’s downtown offers.”
Built in 1998 at 10601 Gramercy Place, the community features a mix of one-, two-, and three-bedroom apartments. Stonebridge plans improvements to the clubhouse and pool, building exteriors, and interior unit upgrades such as faux wood flooring, updated finishes, and technology packages.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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