A 359-unit apartment building on Bethesda’s Wisconsin Avenue corridor that delivered in 2016 has sold at a sizable discount from its first trade.
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AIR Communities purchased Flats 8300 at 8300 Wisconsin Ave. for $129.8M late last month, Montgomery County property records show. The Denver-based REIT announced the deal in a LinkedIn post Thursday.
The seller, Invesco Real Estate, had paid $207M for the property in the summer of 2016, just months after delivery, Bisnow first reported. That deal set a record at the time for the priciest multifamily sale in Maryland.
This latest sale price represents a 37% discount.
“This acquisition reflects our strategic growth and the unique benefits of our AIR Edge,” AIR Communities Chief Investment Officer Josh Minix said in the company’s LinkedIn post. “Flats 8300's ideal location and value potential make it an excellent addition to our growing D.C. portfolio.”
Invesco declined to comment, and AIR said it didn't have context to add beyond its post.
Flats 8300 was developed by a joint venture of StonebridgeCarras and Walton Street Capital, which sold it months after delivery. The property has a 50K SF Harris Teeter on the ground floor, a Starbucks, rooftop lap and wading pools, a business center, a pet spa and coworking spaces.
The acquisition represents AIR’s second in the Bethesda multifamily market in less than a year. The company purchased the 456-unit tower The Elm from Carr Properties in August for $220M.
It owns two other Bethesda multifamily communities, The Residences at Capital Crescent Trail at 5325 Westbard Ave. and Ravel & Royale on Strathmore Square at 10513 Strathmore Hall St., according to its website.
AIR spun off from Apartment Investment and Management Co. in 2020 as a new multifamily REIT. It had $7.6B in real estate assets as of the end of 2023, down from $8.1B the year prior, according to its year-end earnings report.
It had 76 communities totaling 27,010 apartments across 10 states and D.C. at the end of the year.
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