HFF announces sale of Flats at Bethesda Avenue in Bethesda, Maryland
WASHINGTON, D.C. – May 7, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of Flats at Bethesda Avenue, a trophy mixed-use residential and retail property located in the heart of Bethesda, Maryland.
The HFF team marketed the property exclusively on behalf of the seller, a joint venture between StonebridgeCarras, PN Hoffman, Buvermo and Northwestern Mutual, and procured the buyer, a fund managed by BlackRock Real Assets.
Completed in 2015, Flats at Bethesda comprises 162 luxury apartment units and nearly 40,000 square feet of ground-floor retail. The property, which has a Walk Score® of 98, is situated along Bethesda Row proximate to 11.3 million square feet of existing office space with 1.7 million square feet of additional Class A space planned, as well as 533,000 square feet of high-end retail, entertainment and nightlife amenities. The transit-oriented property is a five-minute walk to the Metro Red line at Bethesda Station and a 10-minute drive to the Capital Beltway (Interstate 495), which provides convenient access to the entire Washington, D.C. region. The residential component features one-, two- and three-bedroom units with top-of-the-market finishes and amenities, including a rooftop deck with demonstration kitchen, resident lounge, fire pit and bar; state-of-the-art fitness center; two-level clubroom with fireplace, billiards and kitchen; coffee lounge with Wi-Fi access; and a large outdoor patio overlooking a landscaped courtyard and the Capital Crescent Trail. The retail component is 100 percent leased to Pottery Barn, PassionFish, Silver, Chop’t, Paul and Long & Foster Real Estate.
The HFF team representing the seller included Stephen Conley, a licensed Maryland real estate broker, Sue Carras, Walter Coker, Brian Crivella, John Owendoff and Jordan Lex.
StonebridgeCarras is a privately held real estate investment and development firm based in Bethesda, Maryland, focusing primarily on developing mixed-use properties in the Washington, D.C. metropolitan region. During the past 20 years, the principals of StonebridgeCarras, LLC have been involved in the acquisition, development, joint venture, financing and disposition of real estate assets in the Washington area exceeding $5 billion in value.
About PN Hoffman
Since 1993, PN Hoffman has developed numerous extraordinary upscale condominium and mixed-use communities in the Washington, D.C. area. Its award-winning designs and transformative developments elevate neighborhoods and provide special places where people live and enjoy. Careful planning and neighborhood outreach ensure that PN Hoffman developments vitalize urban landscapes bringing renewed life to communities. PN Hoffman is the managing member of Hoffman-Madison Waterfront, a joint venture of PN Hoffman and Madison Marquette, which is developing The Wharf, a $2 billion, 3.2 million-square-foot neighborhood on one mile of Washington, D.C.’s southwest waterfront. Additional information can be found online at pnhoffman.com and wharfdc.com. Other current projects include The Darcy and The Flats in Bethesda, Maryland; redevelopment of Riverside Baptist Church into a new church facility and residential apartments.
About Buvermo Investments, Inc.
Founded in 1978, Buvermo Investments, Inc. is a commercial real estate investment entity that invests in metropolitan Washington, D.C. real estate projects on behalf of four Dutch families. Investments are made via joint ventures with local partners.
Investment types include office buildings, apartments, condos, retail, hotel and mixed-use, both in new developments and stabilized buildings. Investments are also made in land to secure entitlements for development or for sale to third parties. It has the capacity to invest in individual projects as the primary equity provider or in conjunction with co-investors. Over the past 10 years, Buvermo has participated in investments in excess of $500 million and since 2007 has invested in 11 new ventures with seven partners. Deal sourcing, day-to-day decision-making and management is provided by local management based in Bethesda, Maryland.
About Northwestern Mutual Real Estate
Northwestern Mutual Real Estate is the real estate investment arm of Northwestern Mutual and one of the largest real estate investors in the nation, with investments in commercial mortgages and equity investments across all major property types, including apartments, office, retail and industrial. The $43 billion real estate investment portfolio is composed of approximately 80 percent fixed income and 20 percent equity investments. Northwestern Mutual Real Estate is a financing source that provides experienced and knowledgeable people, quick and decisive action and flexible, creative solutions.
About BlackRock Real Assets
BlackRock Real Assets provides clients access to a distinct range of outcome-orientated real asset investment strategies – including infrastructure, real estate and renewable power – spanning the entire risk/return spectrum. Clients benefit from BlackRock’s global reach and local on-the-ground expertise, as well as the firm’s market-leading risk management, technology and analytics capabilities. As of December 31, 2017, BlackRock Real Assets managed more than $40 billion in invested and committed client assets, supported by more than 360 professionals across 25 offices in 15 countries.
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.