JV Sells Luxury MD Property to BlackRock
- May 08, 2018
A joint venture of StonebridgeCarras, PN Hoffman, Buvermo and Northwestern Mutual has sold Flats at Bethesda Avenue, a 162-unit luxury community in Bethesda, Md., to a fund managed by BlackRock Real Assets. HFF brokered the transaction of the transit-oriented asset, that also features ground-floor retail.
The property, featuring a Walk Score of 98, is located at 7170 Woodmont Ave., a seven-minute walk from Bethesda Station, while downtown D.C. is a 19-minute drive away. The site offers easy access to roughly 533,000 square feet of nearby retail, dining and entertainment amenities. Flats at Bethesda Avenue is near 11.3 million square feet of office space and 1.7 million square feet of planned Class A space.
The asset was built in 2015 and comprises roughly 40,000 square feet of retail space, which is fully leased. Tenants include Pottery Barn, PassionFish, Silver, Chop’t, Paul and Long & Foster Real Estate. The community comprises one-, two- and three-bedroom apartments, while common-area amenities include:
- rooftop deck with demonstration kitchen
- resident lounge
- fire pit
- fitness center
- clubroom with fireplace
- coffee lounge
- outdoor patio
HFF’s brokering team representing the seller included Sue Carras, Walter Coker, Brian Crivella, John Owendoff and Jordan Lex, along with Stephen Conley, a licensed Maryland real estate broker. The team of Carras, Coker and Crivella worked together in February to arrange $35.9 million in preferred equity through PCCP, for the development of The Sur in Arlington, Va.
Image courtesy of HFF