This is an ideal opportunity for us to implement an interior renovation plan to further distinguish the property, and to create value in the process.
Washington, DC (PRWEB) September 17, 2013
StoneBridge Investments, a Washington DC based investment firm recently acquired Spalding Crossing, a garden-style apartment community situated between Atlanta’s prestigious Sandy Springs and Dunwoody neighborhoods, and located within Atlanta’s largest office and employment market, Perimeter Center. Equity was provided by an offshore investment group, along with a co-investment by a Stonebridge affiliate based in the Netherlands. A $24.3 million acquisition loan was provided by SunTrust Bank, N.A.
“Spalding Crossing represented an ideal opportunity to acquire a well located asset, experiencing significant organic rent growth, yet under-rented relative to other properties in the area,” noted Kees Bruggen, StoneBridge’s Managing Director. “This is an ideal opportunity for us to implement an interior renovation plan to further distinguish the property, and to create value in the process.”
StoneBridge will initiate the renovation program in October and will spend up to $2.7 million to upgrade unit interiors and exterior elements of the property. Residents of Spalding Crossing enjoy immediate proximity to over 27 million SF of office space, 7 million SF of retail, numerous Fortune 500 and Blue-Chip employers, and three nationally recognized hospitals. Perimeter Center is well-established as the new center of economic gravity in Atlanta. The North Springs Metro Station is less than one mile from the property, providing quick access to all parts of metro Atlanta.
Mr. Bruggen added, “With the addition of Spalding Crossing to our portfolio we continue to demonstrate our ability to deliver value in the properties we acquire. By utilizing a hands-on approach and an extensive network of relationships, it allows us to quickly and efficiently identify and pursue new opportunities.”
ZRS Management, LLC has been retained to provide property management services.
StoneBridge Investments, has been active in the U.S. multifamily real estate market since 1980, creating funds in excess of $1.5 billion and syndicating over $400 million in equity to U.S. and Dutch investors. Headquartered in Washington, DC, with offices in Orlando, Florida and The Netherlands, StoneBridge creates value by employing the full scale of their organization - from acquisition and deal structuring, to development and redevelopment, to property and asset management, to disposition. StoneBridge targets opportunistic projects in markets throughout the East Coast and Texas. For more information on StoneBridge Investments visit http://www.stonebridgeinvestments.nl.