Two Apartment Buildings Sold For $85.6 Million

Courtesy Google Maps

Aldon Management has sold two apartment buildings, 8200 Wisconsin Ave. (built in 1967) and the Middlebrooke Apartments at 5015 Battery Lane (built in 1962), to Corner Lot Advisors for a combined $85.6 million. 8200 Wisconsin sold for $63.3 million and Middlebrooke Apartments sold for $22.3 million, per land records.

Corner Lot Advisors, a privately-owned real estate investment firm and operating partner specializing in the acquisition and repositioning of multifamily assets, announced the purchase of 8200 Wisconsin Avenue, a 245-unit property anchoring the east end of Battery Lane, a major artery in downtown Bethesda, MD. Corner Lot stated that the acquisition offers a unique opportunity to reposition a core Bethesda property and capture growing market demand for larger units in a highly desirable, suburban-urban environment.

Aldon previously renovated the buildings with new elevators, lobby improvements, and upgraded heating & cooling systems. Middlebrooke Apartments is the smaller of the two buildings with 84 units.

“For us, 8200 Wisconsin Avenue represented a generational opportunity to acquire and reposition a core multifamily asset in an A+ location,” said Michael (“Chip”) Davis, Managing Principal, Corner Lot Advisors. “After completion of our extensive, planned improvements, 8200 will be well-positioned to aggressively compete with new class-A product currently under development in the area but at a basis of less than 50% of their costs. It’s a great capstone to our other recent acquisitions and demonstrates our ability to transact in even the most austere real estate environment.”

When complete, 8200 will offer large, luxury units and elevated amenities with 25% of the building designated as affordable housing. Planned renovations include significant upgrades to flooring, countertops, cabinetry, appliances, and fixtures as well as reconfiguring the unusually large floor plans to add additional bedrooms in approximately 40% of the units. Building amenities will be expanded to include a fitness center with Peloton and yoga rooms, an activated resident lounge, co-working spaces, programmed recreational areas as well as media and podcast rooms. Corner Lot also plans to enhance the resident experience with curated outdoor environments including communal gathering spaces, grilling stations, a sun decks with cabanas, and integrated green space.

“Not only will we deliver a world-class living environment and experience, 8200’s location is a key attraction attribute,” added Davis. The property is located next door to the neighborhood Harris Teeter and a block from Trader Joe’s, is in walking distance to Bethesda’s best restaurants, lifestyle amenities, two Red Line Metro stations and future Purple Line light rail and sits in close proximity to major area employers including NIH, Walter Reed Medical Center, and Marriott headquarters. Davis concluded, “these location fundamentals and demand drivers were not only critical factors in our acquisition analysis and pursuit strategy but, also, to the future we envisioned for the asset.”

 

ABOUT CORNER LOT ADVISORS: Corner Lot Advisors, LLC, is a privately-owned real estate investment firm and operating partner specializing in the acquisition and repositioning of multifamily assets across Maryland and Florida. From its inception, the Company has purchased more than 1,000 units and currently controls a portfolio with an aggregate market value of $250M.

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