STONEBRIDGE INVESTMENTS COMPLETES $66 MILLION ACQUISITION OF CONNECTICUT PLAZA APARTMENTS IN WASHINGTON, DC
Washington, D.C., October 3, 2023– StoneBridge Investments of Washington, DC, has acquired Connecticut Plaza Apartments, a 236-unit rental apartment community located in the heart of Washington, DC’s Cleveland Park neighborhood, for $66 MM. Alan Davis and Brenden Flood of Eastdil Secured represented the seller.
“Opportunities to buy such generational assets like Connecticut Plaza are rare, and we are excited to add such a special core holding to our portfolio. The project is made up of four timeless and architecturally significant buildings, and it occupies a prestigious position next to the National Zoo at the corner of Connecticut Ave and Cathedral Ave. This irreplaceable location provides residents not just with typical urban amenities – walkable accessibility to nearby shopping, dining, jobs, and two Metro stations – but also immediate access to ample green space via Rock Creek Park” said Will Bateman, Director, StoneBridge Investments. “We believe in the long-term attractiveness in Northwest Washington DC, and by strategically renovating the amenities and unit interiors over time, we aim to maintain and enhance Connecticut Plaza’s position as a premier apartment community.”
“Over the past year, as we moved through the acquisition and the TOPA process, we were able to actively engage with both the Seller and the residents of Connecticut Plaza, which led to an arrangement that works for all parties. By assuming the existing in-place debt, we significantly mitigated our risks in the face of such a volatile financial market.” said Kees Bruggen, Managing Partner, StoneBridge Investments
Built in 1927 and tastefully renovated and upgraded in 2020, Connecticut Plaza features a mix of studio, one-, and two-bedroom apartments as well as LiLLiES Restaurant and Bar. Stonebridge plans further improvements to the common areas, building exteriors, and interior unit upgrades to include new flooring, updated kitchens and baths, and technology packages.
Residents enjoy multiple rooftop terraces, a 24-hour fitness center, a business center, guest suite, covered parking, package lockers, and a community room.