Bethesda: Perseus TDC Acquires Bethesda Office Building, Announces Plans For Multifamily Development

Perseus TDC announces it has acquired a five-story, 65,000-square-foot office building at 4405 East-West Highway in Bethesda, Maryland with plans to redevelop the site as a 10-story multifamily community with more than 300 units. Entitlement and design is underway, and construction is expected to begin in 2024.

“Perseus TDC is focused on developing highly-amenitized multifamily communities in premier D.C. metro locations, creating value for our investors and improving the community for all residents,” said Adam Peters, Regional Partner at Perseus TDC. “Our commitment to building the best product for all price points drives our design approach and strategy.”

With 8,000 square feet of planned retail and high-end amenities, the property is near major employment hubs, such as Marriott’s new corporate headquarters, the National Institutes of Health, Walter Reed National Military Medical Center and the booming I-270 life sciences corridor. Bethesda Row and Woodmont Triangle, offering more than 1 million square feet of entertainment, restaurants and grocery stores, are within blocks. The Red Line and the under-construction Purple Line, just two blocks from the site, offer connectivity throughout the region.

“Our team capitalized on the opportunity to acquire one of the few remaining parcels in downtown Bethesda,” said Nihar Shah, Vice President of Development at Perseus TDC. “Maintaining trust and fostering relationships between our partners and other key stakeholders is critical to how Perseus operates. By leveraging our placemaking expertise, we will expand Bethesda’s core submarket east of Wisconsin Avenue and deliver the first new ground-up multifamily development in a supply-constrained region. The project will be in conformance with the Bethesda Downtown Sector Plan and a percentage of the units will be allocated to Montgomery County’s Moderately Priced Dwelling Unit Program.”

According to Transwestern’s research affiliate, Delta Associates, Class A apartment absorption in the Washington Metro was 16,310 units in 2021, helping to push vacancy down to 3.4% at year end.

Perseus TDC purchased the property from Klinedinst Management, who has been retained as the property manager while the project undergoes entitlement and design.

Ogden CAP Properties and Sandy Spring Bank served as the capital partner and lender, respectively. The project team includes SK+I Architecture and John Moriarty & Associates, the general contractor.

In December 2021, Perseus TDC announced the sale of The Foundry, an office-to-residential conversion near National Landing. Additional projects under construction include 15th and S, a 158-unit multifamily community and NoMaCNTR, a 500-unit mixed-use development accompanied by a 235-key hotel and approximately 40,000 square feet of retail. Both projects are in Washington, D.C. and are expected to deliver within the next two years.

About Perseus TDC

Perseus TDC, an affiliate of Transwestern Development Company, invests alongside its financial partners in well-located Washington, D.C., metro area properties, adding value through skilled entitlement planning, design, risk management and operations. The firm draws upon its principals’ expertise in developing office, hospitality, multifamily, retail and mixed-use real estate, refined through decades of experience. Based in Washington, D.C., Perseus TDC wields the capabilities of a national firm with the dexterity of a local developer. Visit perseustdc.com for more information.

Courtesy of Transwestern

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17th Annual Kensington Day of the Book Festival

Now in its 17th year, the Kensington Day of the Book Festival is a family-friendly street festival featuring 150+ renowned authors, poets, and literary organizations. Enjoy live music on five stages, special guest speakers, military veteran writers and comedians, poetry readings, cookbook demos, children's program, and much more.

Admission is free, and attendees will also be able to explore a marketplace of books and food offerings from local vendors.

Not your average book festival! This festival offers something for everyone!

17th Annual Kensington Day of the Book Festival

Sunday, April 21, 2024, 11am-4pm (held rain or shine!)

Howard Avenue, Kensington, MD 20895

www.dayofthebook.com

Instagram: @kensingtonbookfestival

Contact: Elisenda Sola-Sole, Festival Director

[email protected]

301-949-9416 (text preferred)

FEST OF SPRING Caribbean Wine Food & Music Festival

Get ready to experience the vibrant colors, tantalizing flavors, and infectious rhythms of the Caribbean at the FEST OF SPRING Caribbean Wine Food & Music Festival! Hosted by RHU LLC, this exciting festival is set to take place on May 18, 2024, at the picturesque 16700 Barnesville Rd in Boyds, MD.

Step into a world where the Caribbean spirit comes alive! From 12:00 PM onwards, immerse yourself in a sensory journey that celebrates the unique culture, cuisine, and music of the Caribbean. Whether you're an African American, a Reggae or Soca music enthusiast, a wine lover, or part of the vibrant Caribbean diaspora, this festival promises to delight and captivate you in every way.

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Accompanying the culinary extravaganza is a carefully curated selection of premium wines, ensuring the perfect pairing for your palate. Sip on fine wines from renowned vineyards, each sip a reflection of the Caribbean's vibrant spirit. Discover new flavors, expand your wine knowledge, and savor unforgettable moments with every glass.

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Don't miss this opportunity to embrace the Caribbean spirit and celebrate the arrival of spring in style! Tickets are available on AllEvents, so secure your spot today. Join us at the FEST OF SPRING Caribbean Wine Food & Music Festival, where cultures collide and unforgettable memories are made.

LIVE PERFORMANCES By: CULTURE Feat. Kenyatta Hill, EXCO LEVI, IMAGE BAND, RAS LIDJ REGG'GO with Special Guest SUGAR BEAR FROM E.U. & MORE! & MORE!

MUSIC By: DJ ABLAZE, DJ SMALLY & NAJ SUPREME

2 NIGHT Camping packages available: RV/CAMPER $200 | TENTS $150 Starting on Friday May 17 @ 5pm | 30 RV SPACES | 30+ TENT SPACES

KIDS 12 & UNDER FREE!!!

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