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.
About StonebridgeCarras
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 www.pnhoffman.com and www.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.
About HFF
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20180507005873/en/
HFFStephen C. Conley, (202) 533-2500MD Lic.
#47647HFF Executive Managing Directorsconley@hfflp.comorWalter
Coker, (202) 533-2500MD Lic. #524884HFF Managing
Directorwcoker@hfflp.comorOlivia N. Hennessey, (713)
852-3500HFF Public Relations Specialistohennessey@hfflp.com
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