ASB Real Estate Investments is a leading real estate investment management firm with a focus on high-demand U.S. markets.


ASB Real Estate Investments, a division of ASB Capital Management LLC, is a leading U.S. real estate investment management firm with $7.5 billion* in gross assets under management from over 310 institutional clients. Headquartered in the Washington, D.C. area, ASB invests in major markets across the United States, concentrating in industrial, multifamily, self-storage, retail, and office properties.

Key Facts*


$7.5 BILLION GROSS AUM


310+ INSTITUTIONAL CLIENTS


86 ASSETS


25.6 MILLION SQUARE FEET


*as of March 31, 2024

Tenant-Centric Analysis in Portfolio Construction


When evaluating investments, the tenant perspective is central to ASB’s investment thesis and analysis. Across all real estate sectors, paradigm shifts have altered the way we live, work, and shop. The investment team at ASB seeks to identify outstanding real estate investments that are well-positioned to meet the demands of tenants in today’s dynamic market.

VIEW OUR CASE STUDIES & INVESTMENTS

ASB's Differentiators


We invest in exceptional assets located in dynamic markets where our tenants want to be.

Performance Comes First

Our investment professionals are guided by the firm’s steadfast fiduciary mission to generate superior risk-adjusted investment performance for our institutional clients and their beneficiaries.

Extensive Market Expertise

Our teams identify investment opportunities in high-demand U.S. markets, seeking assets which can generate above-inflation income growth and attractive long-term appreciation.

Tenant-Centric Investing

Our investment methodology is driven by understanding and anticipating the motivations and requirements of tenants. We focus on assets with specific competitive advantages that are well-suited to meet tenants’ needs.

Accountability and Continuity

Each investment team is responsible and held accountable for asset performance results through its entire holding period from acquisition, strategic planning, asset management, and leasing to eventual disposition.

No Competing Mandates

We manage a limited number of real estate investment products with clear, compelling strategies and no competing mandates.

Commitment to the Community

We are dedicated to making the places we invest in better – actively seeking opportunities to generate positive social and environmental impacts, and committed to sustainability initiatives.

Our History


ASB Capital Management was founded in 1983 as an independent subsidiary of American Security Bank, one of the largest financial institutions in Washington, D.C.

1983
The Company is Founded

ASB Capital Management is founded.

1984
ASB's Core, Open-End Investment Vehicle Formed

ASB forms its core, open-end investment vehicle.

1997
ASB is Acquired

ASB is acquired by Chevy Chase Bank as an independent subsidiary joining the B.F. Saul family of companies

2003
New Leadership

Robert Bellinger, CFA, joins ASB Capital Management to lead its real estate group. ASB’s core, open-end investment vehicle assets under management totals $150 million.

2006
ASB's Core, Open-End Investment Vehicle AUM Tops $1 Billion

ASB’s core, open-end investment vehicle assets under management totals over $1 billion.

2010
ASB's Launches First Value-Add Investment Vehicle

As the U.S. economy starts its recovery, ASB launches its first value-add investment vehicle.

2011
ASB's Core, Open-End Investment Vehicle - NFI-ODCE

ASB’s core, open-end investment vehicle is admitted to the NFI-ODCE.

2012
ASB's Core, Open-End Investment Vehicle Restructures to LP/REIT

ASB’s core, open-end investment vehicle is restructured to a Limited Partnership/REIT allowing endowments, foundations, and offshore institutions to invest in the core real estate investment strategy.

2014
ASB Launches Community Service Initiative Program

ASB commits to fostering and encouraging staff to give back to their communities.

2015
First Value-Add Investment Vehicle Fully Realized; Second Launched

Following the successful realization of its first value-add investment vehicle, ASB launches a second value-add vehicle.

2019
ASB's Core, Open-End Investment Vehicle Celebrates 35 Years

ASB’s core, open-end investment vehicle celebrates its 35th anniversary.