Berkadia is pleased to present the sale of Flats 8300 (the “Property”), a 359-unit luxury living community in downtown Bethesda. The Property sits atop a 50,480 square foot on-site Harris Teeter located in Bethesda’s highly sought after Woodmont Triangle neighborhood. Residents have access to 2 metro stops within 1/2 of a mile and Woodmont Triangle’s 160 storefronts offering a variety of household name lifestyle amenities, artisan shops, and unique chef-driven restaurants. A ten-minute walk down Wisconsin Ave resides Bethesda Row, a 533,000 square foot premier retail plaza consisting of over 75 high-end shopping destinations and many of the DC area’s most coveted new restaurants.
Flats 8300 is located among several of the strongest demand drivers in the Washington, DC area with walkability to one of the largest institutions in the county, the National Institutes of Health (NIH). Just a 5-minute walk away, the NIH employs over 20,000 people and has a projected 2024 annual budget of $51.1 billion. Additionally, the Property’s immediate surroundings encompass several of the ~3mm SF of nearly fully leased Trophy, Class A office developments in the region, including the recent delivery of Marriott International’s 726,000 SF headquarters that will support upwards of 3,000 corporate employees. Proximity to the Red Line & future Purple Line Stations gives residents access to +130M square feet of office space in downtown Washington, DC as well as the I-270 Corridor’s nationally ranked #4 biotech cluster and the delivery of Amazon HQ2’s +2M square foot Phase I in National Landing.
Flats 8300’s vast amenity offering, and large unit sizes are suited to cater to the full spectrum of Bethesda’s top tier demographic renter base. Proximity to hundreds of thousands of sustainable, high-salary jobs has contributed to Bethesda having some of the strongest resident demographics in the country with over 90% white collar employment, $182,000 average HH income, and over 95% of the population obtaining a bachelor’s degree or higher.
Flats 8300, delivered in 2016, presents an extraordinary investment opportunity with reliable in place cash flow, strong historical occupancy, and within the #1 most affluent county in the state of Maryland.
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
© 2023 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by the Tax Credit Syndication group. For state licensing details for the above entities, visit: www.berkadia.com/legal/licensing.
4445 Willard Ave | Suite 1200 | Chevy Chase, MD 20815
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8300 Wisconsin Avenue | Bethesda, MD 20814
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WALTER COKER
Senior Managing Director
703.282.8081
walter.coker@berkadia.com
BRIAN CRIVELLA
Senior Managing Director
301.580.6685
brian.crivella@berkadia.com
YALDA GHAMARIAN
Senior Director
240.462.2332
yalda.ghamarian@berkadia.com
BILL GRIBBIN
Director
301.580.6486
bill.gribbin@berkadia.com
INVESTMENT SALES
DC METRO
4445 Willard Ave.
Suite 1200
Chevy Chase, MD 20815
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© 2023 Berkadia Proprietary Holding LLC
Berkadia® is a trademark of Berkadia Proprietary Holding LLC
Investment sales / real estate brokerage business is conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. This website is not intended to solicit commercial mortgage loan brokerage business in Nevada.
In California, Berkadia Real Estate Advisors Inc. conducts business under CA Real Estate Broker Lic. #01931050, Berkadia Commercial Mortgage LLC under CA Finance Lender & Broker Lic. #988-0701, Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116. For state licensing details for the above entities, visit: www.berkadia.com/legal/licensing
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Prime
Location
Executive
Summary
Property Highlights
Recent Property
Performance
Employment
Connectivity
Below Replacement Cost in Supply Constrained Market
Unmatched Renter
Demographics
Full-service Grocer-Anchored property in Downtown Bethesda
Flats 8300 is located in Bethesda’s highly sought after Woodmont Triangle neighborhood. Residents have access to Woodmont Triangle’s 160 storefronts offering a variety of household name lifestyle amenities, artisan shops, and unique chef-driven restaurants.
The Property is achieving 4.8% on renewals and 11.5% on new leases over the last 30 days.
Residents have walking access to downtown Bethesda’s 6.2M SF of class A office space, the National Institutes of Health, and Walter Reed Military Medical Facility. Proximity (0.4 mi) to red line metro connects residents to Shady Grove Life Sciences Center, 130M SF of office in downtown DC, National Landing (Amazon HQ2), the Rosslyn-Ballston Corridor, and Tysons Corner employment hubs.
With 1,160 units leased in the last 18 months, there are no anticipated deliveries in 2023 offering ample opportunity for near term rent growth. If replaced today, Flats 8300 would cost upwards of $700,000 per unit making this offering below replacement cost.
The immediate area surrounding the Property has a $182,000 average household income indicating an additional +$2,000 in rental upside over the Property’s average market rents. These excellent demographics are reflected at the Property with an average HH income of $188,000 and roughly one-third of residents working in professional services or medicine.
Grocery anchored apartment buildings command rent premiums that in the greater DC market can range from 6.3% to 11.4% (Axiometrics). Additionally, these assets are rarely out on the market with Flats 8300 being one of less than 15 offerings in the DC MSA in the last 10 years with a ground floor grocery store.
Amenities
Outdoor Resident
Amenities.
Dual pools on the roof: lap pool and wading pool with water feature
Sprawling green rooftop with
fire pits and grills
Lush rooftop greenery with multiple seating areas, fireplace, and demo kitchen
Half-acre courtyard overlooking +2 acre wooded park directly north of the Property
Artfully
Designed.
Breezeway and façade ornamentation by renowned sculptor Kent Bloomer
Half-acre courtyard with water feature, lighted path with seating, and sculptures by nationally renowned artist Barton Rubenstein
Direct connection to two acres of wooded green space
Flats 8300 is registered with the certification goal of LEED® Gold
Amenities
Continued.
Fireside Lounge with coffee bar and Wi-Fi
Communal table and hospitality area
Fitness Center with direct access
to courtyard
Business Center with computers
and printers
EV Charging Stations
Complimentary moving assistance
Anytime access Pet Spa
24/7 Concierge and access-controlled building
Resident
Services.
Dry cleaning
Package and floral acceptance
Housekeeping and personal
trainer referrals
Restaurant information
and reservations
Travel arrangements and bookings
Grant access to pet groomers
and walkers
2016
Year Built
359
Units
879
Avg. SF
Laminate wood flooring by Armstrong® in kitchen and living areas, in Oyster Bay or Quebec Maple finish
Bianco Antico granite countertops by Countertopia®
Custom-millwork thermofoil cabinetry by J Suss® in white gloss or espresso
Ceramic tile backsplashes by
Porcelanosa®
Stainless steel GE® ENERGY STAR® appliances, including refrigerator/freezer with icemaker, range with ceramic-glass cooktop, built-in microwave, and dishwasher with advanced wash systemv
Designer pendant lighting over kitchen islands; energy-efficient under-cabinet lighting
Apartment Features.
Property
Highlights
Amenities
Luxurious baths, featuring custom-millwork white-painted-wood vanities, medicine cabinets, and shelves; Japan Blanco ceramic wall tile by Porcelanosa; Deep Light Grey Nature ceramic floor tile by Porcelanosa
Balconies in select homes
Premium Shaw® carpet in bedrooms, halls, and closetsDesigner pendant lighting over kitchen islands; energy-efficient under-cabinet lighting
Luxurious baths, featuring custom-millwork white-painted-wood vanities, medicine cabinets, and shelves; Japan Blanco ceramic wall tile by Porcelanosa; Deep Light Grey Nature ceramic floor tile by Porcelanosa
Balconies in select homes
Premium Shaw® carpet in bedrooms, halls, and closets
Apartment
Features
