WASHINGTON, DC – Holliday Fenoglio Fowler, L.P. (HFF) announces the $70.25 million sale of Spring Parc, a 399-unit apartment community in Silver Spring, Maryland.
The HFF team marketed the property on behalf of the seller, Ares Management, L.P., and procured the buyer, an affiliate of Bridge Investment Group LLC.
Spring Parc comprises 120 one-bedroom, 232 two-bedroom and 47 three-bedroom units along with institutional-quality amenities, including an expansive swimming pool with separate children’s wading pool, grilling area, two playgrounds, dog park with agility course and a fitness center. Located at 17 Featherwood Court, the property is situated in Montgomery County near key employment centers in Silver Spring, Rockville and Washington, D.C. as well as major regional thoroughfares such as Interstates 95 and 495, the Intercounty Connector (ICC)/Maryland 200 and Route 29. In addition to its centralized location, the property is also convenient to numerous nearby retail amenities and two forthcoming developments.
The HFF investment advisory team representing the seller included Walter Coker, Brian Crivella, Roland Merchant and Stephen Conley, a Maryland licensed real estate broker.
About Ares Management, L.P. Ares Management, L.P. is a publicly traded, leading global alternative asset manager with approximately $121.4 billion of assets under management as of June 30, 2018 and 18 offices in the United States, Europe, Asia and Australia. Since its inception in 1997, Ares has adhered to a disciplined investment philosophy that focuses on delivering strong risk-adjusted investment returns throughout market cycles. Ares believes each of its three distinct but complementary investment groups in Credit, Private Equity and Real Estate is a market leader based on assets under management and investment performance. Ares was built upon the fundamental principle that each group benefits from being part of the greater whole. For more information, visit aresmgmt.com.
About Bridge Investment Group LLC: Bridge Investment Group LLC (“Bridge”) is a privately held real estate investment management firm with more than $10 billion in assets under management. Bridge combines its 1,000-person, nationwide operating platform with specialized teams of investment professionals focused on select U.S. real estate verticals, which Bridge believes offer above-market opportunity—i.e., multifamily, office, seniors housing, affordable housing and real estate-backed fixed income. Bridge Property Management, L.C., a Bridge affiliate, provides property management and construction services for Bridge multifamily assets. For additional information, please visit bridgeig.com.
About HFF: HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.