Washington, DC-based StoneBridge Investments has closed on the $25.5 million purchase of Beech’s Farm, a 135 unit rental apartment community in Columbia, MD, for $25.5 million. Originally built in 1985 and located at 7260 Eden Brook Drive, the community encompasses seven two and three story buildings resembling town homes. The new ownership intends to renovate apartment interiors upon turnover and add a fitness center to the community’s existing amenities. The seller, an entity controlled by McDowell Properties, was represented by CBRE’s Mid-Atlantic multifamily team. ZRS Management, an affiliate of StoneBridge, will manage Beech’s Farm.
“Beech’s Farm provides an excellent opportunity for our European investors,” said William Bateman, Director, StoneBridge Investments. “It is a well-located, cash-flowing property with a long history of stable occupancy in a highly desirable location. With upside through value-add unit upgrades over time, this property provides a very attractive risk-adjusted return profile.”
