Federal Realty Investment Trust announced this week that it has completed the sale of Pallas at Pike & Rose in North Bethesda, marking a major Montgomery County transaction as part of a broader $170 million asset sale.
The residential building, located at 11550 Old Georgetown Road within the Pike & Rose mixed-use development, was delivered in 2015 and includes 319 apartment units. According to the company, the property was considered a stabilized, peripheral residential asset within the larger Pike & Rose project.
Additional details reported by BizJournals show that Bell Partners Inc., a Greensboro-based real estate investment firm, purchased the building for $125 million and has renamed it Bell at the Pike. The sale price works out to approximately $392,000 per unit.
Federal Realty said the sale aligns with its long-term strategy of recycling capital from stabilized or mature assets into higher-growth opportunities. In a statement, President and CEO Don Wood said the company’s ability to unlock value from residential components within mixed-use environments allows it to self-fund future growth and focus capital where it can have the greatest impact.
The Pallas at Pike & Rose sale represents the Montgomery County portion of Federal Realty’s two-property disposition announcement, which also included the sale of a grocery-anchored shopping center in Bristol, Connecticut. With these transactions, Federal Realty’s total asset sales in 2025 now stand at $316 million, reflecting what the company described as disciplined capital allocation and active portfolio management.
