StoneBridge Investments has recently acquired Connecticut Plaza Apartments, a 236-unit rental apartment complex located in the desirable Cleveland Park neighborhood of Washington D.C. for $66 million. Originally built in 1927 and renovated in 2020, this property boasts a variety of studio, one-bedroom, and two-bedroom apartments as well as an on-site restaurant and bar called LiLLiES. Stonebridge plans to continue enhancing the common areas, building exteriors, and interior units to provide residents with top-notch living spaces. The community also offers amenities such as rooftop terraces, fitness center access,a business center,and covered parking options along with package lockers for convenienceand a community room for social gatherings.
The seller was represented by Alan Davis and Brenden Flood from Eastdil Secured during this transaction.
This recent acquisition by StoneBridge showcases their commitment to expanding their portfolio within highly sought-after locations like Washington D.C.’s Cleveland Park neighborhood.The purchase price of $66 million demonstrates confidence in the potential growth opportunities within this market.
Overall,this latest addition aligns perfectly with StoneBridge’s strategic investment approach which focuses on acquiring properties that offer strong value-add potential through renovationsand upgrades.This is just one example of how StoneBridge continues to make smart investments that benefit both themselvesand their tenants alike.
