Bethesda, Md. — The properties no longer reflect the firm's strategy, CEO says.
Bethesda, Md. — ASB Real Estate Investments has completed four property dispositions totaling $195 million on behalf of a $3.4 billion open-end core fund. The ASB Allegiance Real Estate Fund is a core real estate investment vehicle for institutional investors. Among the four sales is a package of three student housing properties comprising a total of 516 apartment units. Two properties are in Tampa, Fla., near the University of South Florida. The Third property is adjacent to Marquette University in Milwaukee. The other holdings included a complex of industrial properties near Minneapolis, an office building in Medford, Mass., and two tracts of land in San Francisco.
"As we have expanded investor holdings through more than $1 billion in acquisitions over the past year, we continue to take advantage of strong capital market demand for real estate, and sell select properties that no longer fit our strategy," says Robert Bellinger, president and CEO of ASB Real Estate. "We continue to focus new investments in major urban markets, acquiring high-street retail, multifamily, office and industrial properties."