Maryland Apartment Community Trades For $70M
Bridge Investment Group is the buyer of the 399-unit Silver Spring apartment community.
SILVER SPRING, MD–A 399-unit apartment building in Silver Spring has traded for $70.25 million. The buyer is an affiliate of Bridge Investment Group and the seller is Ares Management. HFF marketed the property on behalf of Ares.
The property is located at 17 Featherwood Ct.
The HFF investment advisory team representing the seller included Walter Coker, Brian Crivella, Roland Merchant and Stephen Conley.
Ares Management is a publicly traded global alternative asset manager with approximately $121.4 billion of assets under management as of June 30, 2018. Bridge Investment Group is a privately held real estate investment management firm with more than $10 billion in assets under management.
In a separate transaction, Ares Management is reportedly in talks to sell its 50% stake in an office project in Manhattan’s Greenwich Village, according to a report in Bloomberg. Columbia Property Trust would assume Ares’ ownership. Normandy Real Estate Partners owns the remaining 50%.