Flats 8300, at 8300 Wisconsin Ave, has sold for $129.8 million to Denver-based AIR Communities, according to a BisNow report. According to the report, the property was initially sold to the seller, Invesco Real Estate, for $207 million in 2016.
The deal was announced by AIR Communities via LinkedIn. “We’re expanding our presence in the D.C. Metro area! AIR is excited to announce our latest acquisition–Flats 8300, a beautiful apartment community in the heart of Bethesda, MD. This prime location boasts: ·Thoughtfully designed amenities and apartment home finishes ·Onsite access to a 50,000 sq. ft. Harris Teeter supermarket ·Easy commutes to the National Institutes of Health and Walter Reed Military Hospital
“This acquisition reflects our strategic growth and the unique benefits of our AIR Edge,” said Josh Minix, AIR’s Chief Investment Officer. “Flats 8300’s ideal location and value potential make it an excellent addition to our growing D.C. portfolio.” BisNow noted that the deal set a record at the time for the priciest multifamily sale in Maryland.
Back in January we reported that In-Rel Properties acquired a 16-story office building located at 7500 Old Georgetown Road in Bethesda for $29.85 million in a short sale– significantly less than its previous sale price of $133 million just four years prior in 2019.