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4900 Moorland LAnE | Bethesda, MD 20810
BRIAN CRIVELLA
Senior Managing Director 301.580.6685 brian.crivella@berkadia.com
YALDA GHAMARIAN
Senior Director
240.462.2332
yalda.ghamarian@berkadia.com
BILL GRIBBIN
Senior Director
301.580.6486
bill.gribbin@berkadia.com
PATRICK MCGLOHN
Senior Managing Director 301.941.4610 patrick.mcglohn@berkadia.com
BRIAN GOULD
Managing Director
301.941.4616 brian.gould@berkadia.com
INVESTMENT SALES
Mortgage Banking
DC METRO
4445 Willard Ave.
Suite 1200
Chevy Chase, MD 20815
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Light-Filled Floorplans Upgraded Appliance Package, including Gas Range, French Door Refrigerators, Built-In Microwave, Range Hood & Panelized Dishwasher Wide Plank Flooring Throughout Chef-Inspired Kitchens Contemporary Matte Black Fixtures White Quartz Countertops Farmhouse Sinks Tile Backsplash Italian-Style Cabinetry, inclusive of under-cabinet LED lighting, designated Built-In Pull-Out Trash Compartment, and Built-In Shelving Keyless Entry System Honeywell Smart Climate Control Illuminated Bathroom Vanity Mirrors Frameless Glass Shower with Custom Linear Drain Spacious Walk-In Closets Full-Size Washer & Dryer in All Units Balconies and Private Patios (Select Units)
Interior
Features
Hotel-Inspired Lobby
State-of-the-art Fitness Center
Private Resident Co-Working Offices
Lounge Seating, & Conference Room
Resident Concierge
Smart Package Room
Access-Controlled Bike Storage & Repair
EV Charging Stations
Controlled Access Private Resident Garage
Exquisite artwork and sculptures throughout
Resident
Amenities
INVESTMENT HIGHLIGHTS
Maizon Bethesda’s carefully curated offering of modern finishes, large units, vast selection of luxury amenities, and art-filled spaces present the top-of-the-market living experience perfectly crafted for Bethesda’s affluent renter base.
THE Luxury LIVING EXPERIENCE
Property-level demographics are in a class of their own with tenant’s (self-reported) incomes* yielding an Average Household Income of over $200,000 (market rate units) and 34% of market rate households earning over $200,000. *Income is as self-reported by tenants.
Optimal Renter Demographics
The Property is located within a 5-minute walk to Bethesda’s premier lifestyle destination, Bethesda Row, as well as the vast shopping and dining offerings in the charming Woodmont Triangle neighborhood. This location (99 Walk Score) puts residents within walking distance of every conceivable amenity that urban living has to offer.
LIVE, WORK, PLAY DESTINATION
The asset is offered below replacement cost in a market where if replaced today, builds of this quality would cost over $650,000 per unit.* *Based on recent land sales comparables and construction budgets for downtown Bethesda projects.
BELOW REPLACEMENT COST
Centrally located to downtown Bethesda’s surging employment market recently bolstered by the delivery of Marriott International’s new HQ and direct access to NIH and Walter Reed Campuses (1-mile from the Property). Located a 20-minute drive from the nation’s 4th largest Biotech & Life Sciences market.
CONNECTIVITY TO MAJOR DEMAND DRIVERS
Maizon Bethesda continues to outperform at the Property-level with a 7.6% increase on new lease tradeouts and a 5.5% increase on renewal tradeouts for the last 30 days and a 6.4% increase on new lease tradeouts for the last 60 days.”
RECENT PROPERTY PERFORMANCE
Berkadia is pleased to present the opportunity to acquire Maizon Bethesda (the “Property”), a distinguished 229-unit property located in the heart of downtown Bethesda. Completed in 2021, this landmark asset offers residents an elevated living experience with spacious floorplans, contemporary finishes, and resort-style amenities. Maizon Bethesda features the highest-end finish package in the market, unique floor plans including multi-level townhome units, and an incredible clubroom, rooftop, and pool deck in the Bethesda submarket, offering unparalleled luxury and comfort. Boasting a 99 Walk Score, Maizon Bethesda is ideally situated in the tranquil and tree-lined western edge of downtown Bethesda, while only two blocks from premier shops, restaurants, and entertainment venues. The asset quality and ideal location draws the area’s affluent demographic with an impressive average household income of $187,000 within a three−mile radius. The mid-rise, structure also provides a permanent advantage in a lower-density location within one of the region’s most affluent residential neighborhoods, Edgemoor.
The Property is conveniently located just two blocks from the Metro’s Red Line and the future Purple Line Station, and within a five-minute walk to Bethesda Row’s 533,000 SF of top-tier shopping and dining, as well as the vibrant Woodmont Triangle area. Maizon Bethesda offers a serene environment with adjacent homes sales between $3 and $8+ million, making this neighborhood and the elite public schools associated with it one of the most coveted locations to live in Bethesda. Within the Edgemoor neighborhood is Caroline Freedland Urban Park, a 1-acre public park with pergola-covered seating and the Connie Morella Library, both of which are adjacent to Maizon Bethesda. The Property is surrounded by nearly 3 million SF of high-profile, Class A office developments, including Marriott International’s new 785,000 SF headquarters, which employs 3,500 corporate staff within a five-minute walk. The 240-Acre Headquarters of the National Institutes of Health (NIH) is located 1-mile away (15-minute walk) and continues to increase in size & scope with an increased 2024 budget of $48.6B. NIH and Walter Reed Campus together employ 28,500 people, the campus is currently undergoing a $570M renovation and is the seat of the I-270 Biotech Corridor. The I-270 Corridor touts a robust employment market, ranked as the nation’s 4th largest biotech cluster with over 150 biotech companies. Additionally, Maizon Bethesda offers convenient access to key employment nodes including the CBD of Washington, DC (20-minute drive), Tysons Corner, VA (20-minute drive) and National Landing, VA (25-minute drive) - entrepreneurs, investors, academia and government officials are drawn to the Bethesda submarket with high-paying jobs in STEM, cybersecurity, financial services, law, and medicine.
Executive Summary
4900 Moorland Lane | Bethesda, MD 20810
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# UNITS
% OF TOTAL
NET SF
MARKET RATE UNITS
TOTAL SF
Jr 1 BR/1BA 1BR/1BA 2BR/2BA 2BR/2BA + Den 2BR/2BA Den Penthouse TH 3BR/3BA Den Penthouse TH Subtotal/Average AFFORDABLE UNITS Jr 1 BR/1BA 1BR/1BA AF 2BR/2BA AF Subtotal/Average Property Total/Avg.
UNITs
(194 MKT | 35 AFF)
Occupied
Average unit size
from metro red line
walk score
year built
OPPORTUNITY to acquire a 229-UNIT LUXURY ASSET IN DOWNTOWN BETHESDA
LOCATED A SHORT WALK FROM BETHESDA ROW AND METRO RED LINE’S BETHESDA STATION
Rooftop Infinity Pool with Cabanas
Indoor & Outdoor Rooftop Lounges
Grilling Stations with Outdoor TVs
Rooftop Terrace Greenspace with Panoramic Views
Rooftop Fire Pit & Hammock Seating
Lounge with Billiards & Gaming Tables
Rooftop Amenities
STORIES
BUILDING STRUCTURE
1 90 84 13 2
4 194 4 13 18 35
229
0% 39% 37% 6% 1%
2% 85% 2% 6% 8% 15%
100%
498 691 1,130 1,228 1,228 1,698 956 498 598 814 698
916
498 62,218 94,920 15,964 2,456 6,792 185,464 1,992 7,778 14,652 24,422
209,843
# UNITS
% OF TOTAL
NET SF
MARKET RATE UNITS
TOTAL SF
Studio 1BR/1BA 2BR/2BA 2BR/2BA Townhome 3BR/3BA Townhome Subtotal/Average AFFORDABLE UNITS Studio 1BR/1BA 2BR/2BA Subtotal/Average Property Total/Avg.
1 90 97 2 4 194 4 13 18 35 229
0% 39% 42% 1% 2% 85% 2% 6% 8% 15% 100%
Amenities
The Asset
Opportunity
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Maizon’s immediate submarket (Bethesda) projects an average of 3.5% yearly rent growth 2024-2029, making it one of the strongest submarket outlooks in Suburban Maryland (Costar).
Positive Submarket Outlook
Property-level demographics are in a class of their own with tenant’s (self-reported) incomes* yielding an Average Household Income of over $200,000 (market rate units) and 34% of market rate households earning over $200,000. *Income is as self-reported by tenants.