Stonebridge Investments Acquires Maryland Apartments

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CBRE represented the seller in the deal and arranged financing on behalf of the new owner. : 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.

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