StoneBridge Investments of Washington, DC, has acquired Gramercy at Town Center, a 210-unit rental apartment community in the heart of fast-growing Columbia, Maryland, for $67 million.
Martha Hastings and Bill Roohan of CBRE represented the seller. Maxi Leachman and David Webb, also of CBRE, arranged financing on behalf of the buyer.
“We were attracted to this project because of its unique place within the submarket,” said Will Bateman, Director, StoneBridge Investments. “Gramercy at Town Center affords residents a lower-density garden-style community and spacious units without sacrificing easy walkability to all Columbia’s downtown offers. We believe that by strategically renovating the amenities and unit interiors, we can position this property to continue competing as an attractive alternative to newer, higher-density projects in the area.”
“Howard County, the third wealthiest county in the nation, continues to attract strong demographics with its strategic location between Washington, DC and Baltimore, its proximity to Fort Meade and NSA, world-class education system, and all-around high quality of life,” said Kees Bruggen, Managing Director, StoneBridge Investments. “This is evidenced by Howard Hughes Corporation’s ambitious 30-year master plan for re-imagining and urbanizing Columbia’s downtown, which began in 2018 with the mixed-use development of the Merriweather District.”
Built in 1998 at 10601 Gramercy Place, the community features a mix of one-, two-, and three-bedroom apartments. Stonebridge plans improvements to the clubhouse and pool, building exteriors, and interior unit upgrades such as faux wood flooring, updated finishes, and technology packages.
Each Gramercy residence has a private balcony or patio, individual side-by-side washer, and walk-in closet. Select homes also offer gas fireplaces and built-in computer niches. Kitchens feature stainless steel appliances, cherry wood cabinetry with nickel pulls, granite countertops, vinyl plank hardwood flooring, breakfast bars, and modern pendant lighting. Bathrooms have granite counters on maple wood vanities, ceramic tile tub surrounds, and modern porcelain subway tile flooring.
Residents enjoy a swimming pool with sundeck, 24-hour fitness center, a business center, guest suite, and private garages.