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 $9.5 billion* in gross assets under management from over 320 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*
$9.5 BILLION GROSS AUM
320+ INSTITUTIONAL CLIENTS
91 ASSETS
24.8 MILLION SQUARE FEET
*as of March 31, 2022

An Irreplaceable Portfolio. A Strategic Presence in Major Markets.
We have built an irreplaceable portfolio comprising one-of-a-kind industrial, multifamily, Class A office, retail, and self-storage assets in the nation’s most vibrant markets, coast-to-coast. Our tenant-centric investment approach delivers a 21st-century working, living, and shopping experience.
BOSTON
CHICAGO
DENVER
LOS ANGELES
MIAMI
MINNEAPOLIS
NEW YORK
PORTLAND
SAN FRANCISCO
SAN DIEGO
SEATTLE
WASHINGTON, DC

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.
Major 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 only consider 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.
ASB Capital Management is founded.
ASB forms the Allegiance Real Estate Fund.
ASB is acquired by B.F. Saul Company as an independent subsidiary
Robert Bellinger, CFA, joins ASB Capital Management to lead its real estate group. Allegiance Real Estate Fund’s assets under management is $150 million.
Allegiance Fund’s assets under management total over $1 billion.
As the U.S. economy starts its recovery, ASB launches its Meridian Real Estate Fund I.
The ASB Allegiance Real Estate Fund is admitted to the NFI-ODCE.
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 commits to fostering and encouraging staff to give back to their communities.
Following the successful realization of Meridian Fund I, ASB launches the Merdian Fund II.
Our core, open-end Allegiance Fund celebrates its 35th anniversary.