Bridge Investment Group Buys Montgomery County Apartment Building For $70M
Bridge Investment Group, which bought a Bethesda office complex earlier this year, is now scooping up a big Montgomery County multifamily property.
The Salt Lake City-based investor, through an affiliate, acquired the 399-unit Spring Parc apartments for $70.25M. HFF brokered the deal on behalf of the seller, Ares Management.
The property, at 17 Featherwood Court, sits just off Columbia Pike, about 2 miles north of White Oak. The community consists of 120 one-bedroom units, 232 two-bedrooms and 47 three-bedrooms. Its amenities include a swimming pool, a grilling area, two playgrounds, a dog park and a fitness center.
The deal comes after Bridge in January acquired a two-building Bethesda office complex, now branded as Skybridge Towers, from Piedmont Office Realty Trust as part of a 13-property portfolio sale. In October 2016, Bridge acquired the Ashford at Woodlake, another apartment community along Columbia Pike about 3 miles north of Spring Parc.
