Berkadia Completes Sale of Multifamily Property in Bethesda, Maryland
WASHINGTON D.C. – August 29, 2022 – Berkadia Institutional Solutions announced today the sale of The Elm, a 456-unit multifamily trophy-high-rise property located in Bethesda, Maryland. Senior Managing Directors Brian Crivella and Walter Coker and Senior Director Bill Gribbin of Berkadia DC Metro completed the sale on behalf of the seller, Washington DC-based real estate investment trust, Carr Properties and the deal closed on August 25.
“We are very pleased to have been able to work with the Carr team on a complex and high-profile deal,” said Crivella. “We are grateful for their partnership with Berkadia and confidence in us to close this transaction. We are also very pleased with how the buyer performed in such a turbulent market to execute on what will be one of the larger transactions in the DC MSA.”
Located at 4710 Elm St., The Elm features studio, one-, two-, and three-bedroom floor plans with walk-in closets, private balconies or terraces, and in-unit washers and dryers. Property amenities include a rooftop swimming pool, fitness center, pet spa and dog park, seventeenth-floor terrace, and a glass Skybridge connecting the two 28-story luxury apartment towers. The Elm offers convenient access to Chevy Chase Club, Ronald Reagan Washington National Airport, Bethesda Row, Washington, DC, and shops and restaurants near Highway 355 and Elm Street.
Since delivering in 2021, The Elm has achieved market-leading rents and has received several awards, including NAIOP DC|MD Awards of Excellence: Best Multi-Family Project, Delta Associates’ Apartment & Condo Industry Awards for Excellence: Best Suburban Maryland High-Rise Apartment Community, and Bethesda Magazine’s #1 Best Luxury Apartment – for two consecutive years.