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Columbia Apartments Trade to StoneBridge for $67M
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.
- ◦Sale/Acquisition

