Transit-Oriented Communities Open in DC Area
The properties are located in North Bethesda, Md.
Fivesquares Development and AIMCO have opened two residential buildings in North Bethesda, Md. The Ravel and Royale properties are located near the Strathmore Music Center, Rock Creek Park and key metropolitan Washington, D.C.-area Metro station.
The communities are the first properties to come online at the new transit-oriented Strathmore Square complex which, upon completion, will total 2.2 million square feet. The communities provide spacious residences with European finishes, garden terraces, light-filled rooms and amenity spaces that the developers say are designed for lovers of nature, the arts and a healthy outdoor lifestyle.
Ravel, a boutique, nine-story 49-home is an arts-inspired community. Royale is a 10-story, 171-unit building. Residents will have access to exclusive partnerships with Strathmore Music Center, including access to artist interviews, private concerts and biannual meetings with an onsite curator to design the perfect concert season.
Bringing in the environment, the communities include hand-selected natural stone pieces that reflect the surrounding natural elements.
Recent deal
LCOR recently lined up $92.3 million in financing for the development of Parcel H, a 354-unit luxury project in North Bethesda, Md. The community was the final component of The Quad, a four-property, 1,312-unit project developed by LCOR under an agreement signed with the Washington Metropolitan Area Transit Authority. Apart from Parcel H, The Quad also includes 294-unit Arrowwood, the 341-unit Aurora and the 312-unit Wentworth House, three properties completed between 2008 and 2021. Sumitomo Mitsui Banking Corp. provided a four-year, floating-rate loan backing Parcel H.
