INVESTMENT HIGHLIGHTS
1.
2.
RECENT PROPERTY PERFORMANCE
Recent leasing is up nearly 11% from the Property’s initial lease up rents in Q2 2021 with 67% retention over the trailing 3-months.
3.
ACCELERATING BETHESDA CBD
Immediate surroundings consist of 6.2M SF of Class A office, 1.8M SF of which was delivered in 2022 with 82% of the space pre-leased by several major corporate employers.
4.
UNMATCHED DEMOGRAPHICS
Bethesda submarket $155,000 AHHI with property-level average annual income of over $235,000. Additionally, 61% of residents at The Elm are under the age of 40.
THE PREMIER LIVING EXPERIENCE
A 29 story, 331 ft landmark asset with over 18,000 SF of amenity spaces including 28th story rooftop pool, Skybridge Lounge, two outdoor terraces, and a 7,500 SF fitness facility.
EXECUTIVE SUMMARY
Berkadia is pleased to present the sale of The Elm (the “Property”), a 456-unit trophy asset in the heart of downtown Bethesda. Undeniably the most iconic development to deliver in the area. The asset, developed by the world class pairing of Carr Properties & Insight with interiors done by Edit Lab offer the most expansive offering of luxury interior finishes & amenities.
The asset sits atop the Red Line & future Purple Line Stations and is adjacent & connected to iconic fully-leased sister property The Wilson. The Property’s immediate surroundings encompass several of the ~3mm SF of Class A office developments in the region, including the recent delivery of Marriott International’s 726,000 SF headquarters. Just north of the Property, tenants are offered direct access to the I-270 Corridor’s nationally ranked #4 biotech cluster as well as Washington DC and Northern Virginia. Proximity to hundreds of thousands high-paying jobs has contributed to Bethesda having some of the strongest demographics in the country with over 90% white collar employment, $155,000 median HH income, and over 95% of the population obtaining a bachelor’s degree or higher. These demographics are reflected at the Property with an average annual income of over $235,000 with employment spread across STEM, Financial Services, Law Practice, and Medicine.
Bethesda Row’s 533,000 SF of premier lifestyle retail offering provides residents’ immediate access to upwards of 75 high-end shopping destinations as well as many of the area’s most highly coveted restaurants. Unparalleled walkability to entertainment, nightlife, and
growing, stable employment drivers makes The Elm the premier destination for modern live, work, and play.
FEATURES & AMENITIES
• 4 Lushly Landscaped Elevated Terraces with Sedona Grilling Stations and Patio Seating
• 28th Floor Rooftop Resort-Style Pool
• Spacious Concierge Level Mesa Lounge & Terrace
• Dog Washing Station
• 24-hour Curated Fitness Studio
• Reserved Parking
• Car Care Center
• Complimentary Bicycles, Bicycle Storage, and Repair Area
• Onsite Retailers - Tatte Bakery & Cafe
FINISHES & FEATURES
• White Quartz Countertops with Full Height Tile Backsplash
• Modern Gourmet Kitchens with Warm Natural Hickory or Rich Spring Blossom Cabinetry
• Stainless steel Samsung and Bosch Appliances
• Warm Wide Plank Flooring Throughout
• Recessed, Dimmable Lighting, and Roller Shades
• Walk-in Closets
• Full Size Washer and Dryer
• Private Balconies and Terraces*
• Backlit Mirrors and Walk-in Showers or Tubs
• Keyless Entry
THE ASSET
MODERN LIVING
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
© 2023 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by the Tax Credit Syndication group. For state licensing details for the above entities, visit: www.berkadia.com/legal/licensing.
4445 Willard Ave | Suite 1200 | Chevy Chase, MD 20815
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4710 ELM STREET | BETHESDA, MD 20814
THE ELM
965
AVG UNIT SF
456
UNITS
2021
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WALTER COKER
Senior Managing Director
703.282.8081
walter.coker@berkadia.com
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
Director
301.580.6486
bill.gribbin@berkadia.com
INVESTMENT SALES
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4445 Willard Ave.
Suite 1200
Chevy Chase, MD 20815
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• 24-hour Access Fitness Studio
• Dog Washing Station
• Complimentary Bicycles, Bicycle Storage, and Repair
• On-Site Retailers - Tatte Bakery & Cafe
• Backlit Mirrors and Walk-in Showers or Tubs
• Warm Wide Plank Flooring
• Recessed, Dimmable Lighting
• Keyless Entry
• Full-size Washer and Dryer
• Private Balconies and Terraces*
© 2023 Berkadia Proprietary Holding LLC
Berkadia® is a trademark of Berkadia Proprietary Holding LLC
Investment sales / real estate brokerage business is conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. This website is not intended to solicit commercial mortgage loan brokerage business in Nevada.
In California, Berkadia Real Estate Advisors Inc. conducts business under CA Real Estate Broker Lic. #01931050, Berkadia Commercial Mortgage LLC under CA Finance Lender & Broker Lic. #988-0701, Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116. For state licensing details for the above entities, visit: www.berkadia.com/legal/licensing
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