6 Decades On, DC Asset Trades for the First Time
Eighty Two Hundred fetched upward of $60 million.
Corner Lot Advisors has purchased the 245-unit Eighty Two Hundred in Bethesda, Md., for $63.3 million from Brown Development, Yardi Matrix data shows. Metropolis Capital Advisors, Highland Realty Group and K2M LLC partnered with the owner in the deal and also provided advisory services.
This was the first time the asset changed hands since it came online in 1966. The buyer obtained a $34.4 million acquisition from Lument and another acquisition loan of $10 million from Montgomery County, the same source shows. Greysteel President & CEO Ari Firoozabadi and Senior Managing Director Kyle Tangney brokered the transaction.
The 15-story building encompasses studio, one- and two-bedroom floorplans ranging from 520 to 1,125 square feet. The new owner is planning renovations, including upgrades to flooring, as well as a reconfiguration of the floorplans, which will add additional bedrooms to roughly 40 percent of the units. Interiors will be refurbished, receiving a luxury makeover. Upon completion, 25 percent of the units will be marked as affordable.
Community amenities are slated for improvements as well, with the addition of a gym, a resident lounge, coworking spaces, recreational areas and media rooms featuring podcast spaces. Moreover, plans call for the inclusion of grilling stations, a sun deck with cabanas, as well as a green space.
Located at 8200 Wisconsin Ave., the property is just over 3 miles north of Interstate 495, while downtown Washington, D.C., is some 7 miles away. Major employers include The National Institute of Health and Naval Support Activity Bethesda, Lockheed Martin and others within a 4-mile radius. Less than 1 mile away, Bethesda Row provides residents with entertainment, shopping and dining options across its 85 stores.
Bethesda leads in multifamily transactions
According to a recent Yardi Matrix report, D.C. investors followed along the national trend of exercising caution in sales activity during last year. Despite recording the lowest deal volume in a decade, at $2 billion, the metro’s average price per unit was at $269,568, dwarfing the national average of $185,172 during the same period.
Downtown Bethesda outperformed the metro’s other submarkets last year, ranking first with $220 million in sales, the same report reveals. The largest single-asset transaction of 2023 also occurred in Bethesda, when AIR Communities purchased The Elm, a 456-unit asset, for $220.2 million from Carr Properties.
