SILVER SPRING, MD—A source has told GlobeSt.com that Aventine Silver Spring, an apartment building located at 13615 Colgate Way, has sold.
The buyer is Investcorp, a global provider and manager of alternative investment products based in Bahrain, and word on the street is that the 432-unit garden property traded at $85 million, or $196,759 per unit. The property is 95% occupied. The seller is a JV between Greystar Real Estate Partners and Blackstone.
GlobeSt.com reached out to Investcorp after local business hours for comment. We will update this report if further information becomes available.
Investcorp is a mid-market private equity firm with a heavy focus on commercial real estate. Over the years it has made more than 150 investments in North America, Europe and more recently in the Middle East North Africa region. Its past and present portfolio totals more than $36 billion in transactions.
The company has a presence in the DC market, having jointly invested with American Real Estate Partners in November 2014 to acquire Canal Center, a 540,000-square foot office complex, in Alexandria, VA, for $176 million. In 2013 it picked up a trio of office buildings, one of which was the Tysons Commerce Center, for $200 million.
Around that time it also signaled it would step up its presence in the nation's multifamily markets as well.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
