A pair of Bethesda, Md., apartment buildings have just changed hands for the first time since their construction in the 1960s.
Developer Aldon Management, also based in Bethesda, sold the properties to investment firm Corner Lot Advisors for a combined $85.6 million. Greysteel brokered the sale, representing Aldon.
The 245-unit building at 8200 Wisconsin Avenue, dubbed Eighty Two Hundred after its address, was built in 1967 and sold for $63.3 million, according to property records. Middlebrooke Apartments, its 84-unit cousin, was built in 1962 at 5015 Battery Lane and sold for $22.3 million. Corner Lot Advisors plans to renovate aspects of the buildings, including reconfiguring apartment layouts and upgrading amenities, The firm plans to designate about 25 percent of the units at Eighty Two Hundred as affordable housing.
“You’ll often see properties like this, especially ones built in the ’60s, trade hands maybe every 10 years or so, so to have the opportunity to work on a property that hasn’t sold since its development is really special,” Greysteel Senior Managing Director Kyle Tangney told Commercial Observer. “It’s especially meaningful for us at Greysteel, because we were founded in Bethesda just down the street from these buildings. We walk or drive past them every day.”
Tangney said that Aldon had made some renovations of its own to the buildings in recent years, including new elevators, lobby improvements, and upgraded heating and cooling systems.
Aldon is the management arm of Brown Development, founded in 1947 by brothers and World War II veterans Donald and Alvin Brown. Aldon manages eight other properties in Bethesda, North Carolina, South Carolina, Utah and Texas, according to the company’s website.
Brown Development is in the midst of redeveloping a group of other apartment buildings it owns in Bethesda’s Battery Lane District. The project, approved in 2020, was set to build four new buildings in their place with a total of 1,130 units, with construction expected to begin in 2023. The project’s current status is unclear, as Brown Development’s latest update was in early April of last year.
Nick Trombola can be reached at NTrombola@commercialobserver.com.
Robert Khodadadian has long had a simple philosophy about selling real estate. The way he sees it, there are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller at the right time.
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