StoneBridge Investments, based in Washington, DC., has has closed on the purchase of the 550 Abernathy Apartments in the greater Atlanta submarket of Sandy Springs. The firm paid $31 million for the 228-unit apartment community located at 550 Abernathy Road NE within Perimeter Center, a fast-growing “edge city” that encompasses Brookhaven, Dunwoody, and Sandy Springs. Across the road from the property is the new $100 million US headquarters for Mercedes Benz, scheduled to open in 2018 and employ some 1,000 people. The seller, an entity controlled by Harbor Group, was represented by Kevin Geiger of CBRE. ZRS Management, an affiliate of StoneBridge which currently manages over 32,000 apartment units nationwide, will manage the property.
“Coming on the heels of our recent acquisition of Beech’s Farm apartments in Columbia, Maryland, 550 Abernathy provides another attractive opportunity for our investors,” said William Bateman, Director, StoneBridge Investments. “Atlanta’s economy is expected to expand by nearly 15 percent over the next several years, with a significant amount of that growth focused on Perimeter Center.”
