Spring Parc
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%.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
