Perseus TDC announces it has acquired a five-story, 65,000-square-foot office building at 4405 East-West Highway in Bethesda, Maryland with plans to redevelop the site as a 10-story multifamily community with more than 300 units. Entitlement and design is underway, and construction is expected to begin in 2024.
“Perseus TDC is focused on developing highly-amenitized multifamily communities in premiere D.C. metro locations, creating value for our investors and improving the community for all residents,” said Adam Peters, Regional Partner at Perseus TDC. “Our commitment to building the best product for all price points drives our design approach and strategy.”
With 8,000 square feet of planned retail and high-end amenities, the property is near major employment hubs, such as Marriott’s new corporate headquarters, the National Institutes of Health, Walter Reed National Military Medical Center and the booming I-270 life sciences corridor. Bethesda Row and Woodmont Triangle, offering more than 1 million square feet of entertainment, restaurants and grocery stores, are within blocks. The Red Line and the under-construction Purple Line, just two blocks from the site, offer connectivity throughout the region.
“Our team capitalized on the opportunity to acquire one of the few remaining parcels in downtown Bethesda,” said Nihar Shah, Vice President of Development at Perseus TDC. “Maintaining trust and fostering relationships between our partners and other key stakeholders is critical to how Perseus operates. By leveraging our placemaking expertise, we will expand Bethesda’s core submarket east of Wisconsin Avenue and deliver the first new ground-up multifamily development in a supply-constrained region. The project will be in conformance with the Bethesda Downtown Sector Plan and a percentage of the units will be allocated to Montgomery County’s Moderately Priced Dwelling Unit Program.”
According to Transwestern’s research affiliate, Delta Associates, Class A apartment absorption in the Washington Metro was 16,310 units in 2021, helping to push vacancy down to 3.4% at year end.
Perseus TDC purchased the property from Klinedinst Management, who has been retained as the property manager while the project undergoes entitlement and design.
Ogden CAP Properties and Sandy Spring Bank served as the capital partner and lender, respectively. The project team includes SK+I Architecture and John Moriarty & Associates, the general contractor.
In December 2021, Perseus TDC announced the sale of The Foundry, an office-to-residential conversion near National Landing. Additional projects under construction include 15th and S, a 158-unit multifamily community and NoMaCNTR, a 500-unit mixed-use development accompanied by a 235-key hotel and approximately 40,000 square feet of retail. Both projects are in Washington, D.C. and are expected to deliver within the next two years.
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