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StoneBridge Doubles Down In Sandy Springs

Veridian at Sandy Springs apartments, recently acquired by StoneBridge Investments

A Washington, D.C., apartment investor is doubling down on the Sandy Springs market.

StoneBridge Investments recently purchased Veridian at Sandy Springs, a 272-unit apartment project, sprawled over 17 low-rise buildings on more than 25 acres along Roswell Road, for $32M from Covenant Capital Group. That comes out to some $117,600 per unit.

The purchase comes on the heels of StoneBridge's 550 Abernathy Apartments buy earlier this year. But unlike that deal — which StoneBridge views as a value-add play on the property's 228 apartment units — StoneBridge Director William Bateman said this is more of a stabilized investment for the firm given the property has recently undergone a renovation.

Bateman said the firm is bullish on Sandy Springs given the influx of jobs in the area, thanks in large part to Mercedes-Benz and State Farm, which is developing a massive office park for its regional operations in Central Perimeter.