Miami-based private equity firm Galium Capital has purchased the Central Apartments building in downtown Silver Spring.
According to the Washington Business Journal, Eastdil Secured brokered the $71.35 million deal with developer Grosvenor Group, which closed on March 31.
The 243-unit apartment building at 8455 Fenton St. was completed in 2017 and has 15,000 square feet of street-level retail space. Current tenants include &Pizza, Central Nail Bar, Orangetheory Fitness and Pure Barre.
Dunkin’ is currently under construction, and El Sapo Cuban Social Club closed last December.
According to WBJ, Galium’s $800 million U.S. portfolio comprises more than 2,000 multifamily units, 200,000 square feet of retail space, and more than 450,000 square feet of office space.
“We are strong believers in the D.C.-metro market fundamentals and the recent variability that has deterred institutional investors has opened the window to acquire high quality assets at compelling pricing,” Galium Capital managing partner Jacques Bessoudo said in a statement announcing the acquisition.
Central is leased and managed by Greenbelt-based Bozzuto.
Photo Courtesy of Grosvenor Americas