ASB Real Estate Investments is a leading real estate investment management firm with a focus on major 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 $8.8 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, office, retail, and self-storage properties.

Key Facts*





*as of June 30, 2023

An Irreplaceable Portfolio. A Strategic Presence Across Leading U.S. Markets.

We have built an irreplaceable portfolio comprising one-of-a-kind industrial, multifamily, office, retail, and self-storage assets in the nation’s most desirable markets. Our tenant-centric investment approach delivers a 21st-century working, living, and shopping experience.


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 outstanding risk-adjusted investment performance for our institutional clients and their beneficiaries.

Extensive Market Expertise

Our teams are experts in identifying investment opportunities in emerging submarkets within major U.S. cities, seeking assets which can generate solid long-term income growth and appreciation.

Tenant-Centric Investing

Our investment methodology anticipates the motivations and requirements of tenants; we focus on assets with specific competitive advantages that meet tenants’ needs over the investment lifecycle.

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.

The Company is Founded

ASB Capital Management is founded.

The Allegiance Fund

ASB forms the Allegiance Real Estate Fund.

ASB is Acquired

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

New Leadership

Robert Bellinger, CFA, joins ASB Capital Management to lead its real estate group. Allegiance Real Estate Fund’s assets under management is $150 million.

ASB's Core Equity Strategy AUM Tops $1 Billion

ASB’s core equity strategy assets under management total over $1 billion.

Meridian Real Estate Fund

As the U.S. economy starts its recovery, ASB launches its Meridian Real Estate Fund I.

Allegiance Real Estate Fund

The ASB Allegiance Real Estate Fund is admitted to the NFI-ODCE.

Allegiance Restructures to LP/REIT

The ASB Allegiance Real Estate Fund is restructured to a Limited Partnership/REIT allowing endowments, foundations, and offshore institutions to invest in the fund.

ASB Launches Community Service Initiative Program

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

Meridian I Fully Realized; Meridian II Launched

Following the successful realization of Meridian Fund I, ASB launches the Merdian Fund II.

ASB's Core Equity Strategy Celebrates 35 Years

ASB’s core equity strategy celebrates its 35th anniversary.