2014 | Real Estate

Business Notes: Apartment Rents Fall in Bethesda

Plus: White Flint luxury apartment building begins leasing; Chevy Chase condo breaks record

The living room at the Parc Somerset penthouse condo in Chevy Chase


Rental rates down in Bethesda

A new report found that Class A apartment rents in Bethesda fell 4.7 percent over the past year. The report by Delta Associates, a commercial real estate research firm, noted that apartment rentals in suburban Maryland in general fell by 2.1 percent. Despite this, rents in North Bethesda and Rockville rose by 0.7 percent, according to the study. With an estimated 12,000 units being built in Suburban Maryland in the next 36 months, Delta Associates reported it expects a more competitive rental market to continue into 2016.

Throughout the region (The District, Northern Virginia and Suburban Maryland), Class A apartment rents were unchanged over the previous year. The greatest growth was seen in NoMa/ H Street in the District where rents rose 6.1 percent.

Class A apartments are typically defined as larger buildings built within the last 10 to 20 years with significant amenity packages.

Chevy Chase condo breaks its own price record

A penthouse at Parc Somerset in Chevy Chase once again sold for the highest price in the DC metro area in April. The 6,737 square-foot condo first broke the record in January 2013 when it sold to Henry and Carol Goldberg for $7.95, according to The Washington Business Journal. However, the condo topped its own record when the Goldberg’s sold it for $8.65 million earlier this year. The penthouse features panoramic views of the surrounding area, marble floors and an octagonal conservatory.

The view from the condo's balcony. Credit: Homevisit.com

Leasing begins at Aurora in White Flint

The newest apartment building near the White Flint Metro station has begun leasing. Aurora, which was developed by LCOR as part of the company’s North Bethesda Center project, began leasing units at the 18-story luxury apartment building on July 11. The building is located at 5401 McGrath Blvd, close to the Harris Teeter grocery store.

The 341-unit building is offering apartments ranging in price from $1,405 for a studio, $1,800 for a one-bedroom, and up to $2,824 for a two-bedroom. Amenities at the building include a rooftop lounge, fitness center, golf simulator, large pool and a game room.

LCOR announced that 16 percent of the buildings’ apartments had been leased through preview appointments ahead of the leasing launch.

All photos from Aurora apartment building via http://www.aurora-apts.com/photogallery.aspx