StoneBridge Snaps Up Brightwood Assets
- Jul 02, 2015
StoneBridge Investments, the U.S. arm of a Dutch investment company, purchased a two-property multifamily portfolio in the northwestern D.C. neighborhood of Brightwood: The Rockford and The Peabody.
JCR Cos. sold the properties for $9.6 million, represented by the CBRE Inc. team of Robert Meehling, Michael Rudolph and Yalda Ghamarian, all out of CBRE’s Washington, D.C., office. They were assisted by William Roohan, Michael Muldowney, Brian Margerum and Martha Hastings.
The Rockford is located at 1444 Rock Creek Ford Road, N.W. It is the larger of the two properties, with 68 units, and went for a bigger price, at $8.1 million. The Peabody, located at 1371 Peabody St., N.W., has 14 units and was acquired for $1.6 million.
Meehling noted that D.C. continues to be “one of the most highly sought-after cities in the Mid-Atlantic region,” thanks to its growing employment base, high standard of living and top-tier amenities. “The market is experiencing a plethora of urban-core opportunities, with investor demand in the region remaining stable as they continue to search the market for available multifamily assets, motivated by exceptional demographics and steady rent growth,” he observed in a release.