StoneBridge Acquires Gramercy at Town Center Apartments in Columbia, Maryland for $67M
COLUMBIA, MD. — StoneBridge Investments has acquired Gramercy at Town Center, a 210-unit apartment community in Columbia, for $67 million. Martha Hastings and Bill Roohan of CBRE represented the sellers, Prudential Global Investment Management and Bozzuto, in the transaction. Maxi Leachman and David Webb, also with CBRE, arranged financing on behalf of StoneBridge. The financing was a Freddie Mac loan of about $43 million.
Built in 1998 at 10601 Gramercy Place, Gramercy at Town Center features a mix of one-, two- and three-bedroom apartments. StoneBridge plans to make improvements to the clubhouse and pool, building exteriors and interior unit upgrades such as faux wood flooring, updated finishes and technology packages.
Each unit has a private balcony or patio, individual side-by-side washer and dryer and a walk-in closet, and some of the units also offer gas fireplaces and built-in computer niches. The kitchens feature stainless steel appliances, granite countertops, hardwood flooring and breakfast bars. Community amenities include a swimming pool with sundeck, 24-hour fitness center, a business center, guest suite and private garages.