Brookfield Sells MoCo Apartments For $180M: The D.C. Deal Sheet
Brookfield has offloaded a huge multifamily property a third of a mile from the North Bethesda Metro station.
The investment giant sold the 552-unit The Grand Residences to Laurel, Maryland-based investment and management company Orlo for $180M, Montgomery County property records show. The transaction for 5801 Nicholson Lane took place April 21.
The seller's entity, Wisconsin Park Associates LP, is tied to Brookfield’s New York City headquarters address at 250 Vesey St. on the 15th floor. The buyer’s entity, Orlo Grand LLC, is tied to Orlo’s Laurel headquarters at 711 Gorman Ave.
Brookfield didn't respond to Bisnow’s request for comment.
Orlo announced last week that it had taken over management of The Grand Residences but didn't mention the acquisition.
“For current and future residents, ORLO's management means a team that's focused on the details — responsive service, well-maintained common areas, and a living experience that holds up to the standard the community was built to,” the release says.
CBRE Vice Chairman Maxi Leachman posted on LinkedIn last week that her team had secured $129.3M in acquisition financing for a North Bethesda property but didn't disclose the address or property name. But the image included in her post matches that of The Grand Residences.
“The acquisition represents a continued expansion of the ORLO portfolio in the region and reflects the company’s focus on long-term ownership and hands-on management,” Orlo told Bisnow in an email Friday.
The release says the company plans to hold the asset as a “long-term investment” and preserve and expand affordability at the property, in conjunction with Montgomery County’s Department of Housing and Community Affairs. It also said it received a $129.3M Freddie Mac loan, arranged by CBRE.
LEASES
A new coworking space opened in a Rosslyn mixed-use community. Intelligent Office Rosslyn, which is under the Vast Coworking Group, has opened in 4,800 SF on the first floor of 1011 Arlington Blvd., the operator announced. The location has 17 offices and two meeting rooms. Intelligent Office has more than 50 locations across the U.S., including in Tysons, Alexandria, D.C. and another in Arlington. The Rosslyn location comes from local business owners Nega Teshome, Tesfazion Fisshazion and Teddy Tessema.
SALES
BXP sold an 88K SF retail complex at Alexandria’s Kingstowne Towne Center for $19.7M, Avison Young, which represented the REIT, announced Friday. Federal Realty Trust was the buyer of 5900 Kingstowne Village Parkway, which includes a 16-screen Regal movie theater and a 494-space garage, the Washington Business Journal reported. The retail is fully leased, AY's release says.
With the acquisition, Federal Realty now owns 500K SF of the town center, which totals more than 1.6M SF of retail and office space, anchored by Giant and Safeway. Avison Young’s Joe French, James Nelson and Erik Edeen represented BXP.
FINANCING
Clear Investment Group has secured a $50M loan to refinance its 671-unit apartment complex at 2300 Marion Barry Ave. in Anacostia, Commercial Observer reported. NewBridge Lending provided the financing through its new bridge-to-agency program. The financing was arranged by Meridian Capital Group, which helped design the program. Chicago-based Clear Investment Group purchased the property, formerly named Marbury Plaza, on the last day of 2024 for $59M, Bisnow first reported.
MILESTONES
Comstock Holding Cos. is taking over management of the 1.4M SF Dulles Town Center mall, the company announced. The property at 21100 Dulles Town Circle in Sterling, Virginia, is owned by Srinivas Chavali, who purchased it in December 2023. Comstock will run daily operations, leasing, tenant relations, coordination of on-site activities, and vendors and marketing oversight, and it will advise the owner on strategies for the future of the asset, including redevelopment options that could increase the land utilization.
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Jubilee Housing and Bread of Life Church have received financing to rehabilitate a 188-unit housing assemblage in Adams Morgan. The DC Housing Finance Agency provided $65M in tax-exempt bonds and underwrote $54.3M in federal and $9.8M in D.C. low-income housing tax credit equity, the agency announced this week. The total project cost is $148M. The project, which will take place across six nearby buildings, includes in-unit renovations and building upgrades, including security, landscaping and solar panel installation. The units will be reserved for residents making up to 30%, 50% and 80% of the area median income.
