Newmark Knight Frank (NKF) is pleased to represent the Acumen Companies in the sale or joint venture of an approved 76-unit condominium development site located at 4824 Edgemoor Lane in Bethesda, Maryland, 600 feet from the Bethesda Metro. NKF’s Senior Managing Director Lisa Benjamin is leading the assignment.
Acumen has created tremendous value for the downtown Bethesda property through achieving Montgomery County Planning Board Preliminary Plan approval and Bethesda Design Advisory Panel Site Plan approval. The 12-story, 76-unit condominium project presents an excellent opportunity for both investors and developers given the lack of approved development sites in the area and the property’s exceptional location.
“There is virtually no new condominium product in this market,” shared Acumen Cos. Chairman Abiud Zerubabel. “The plan is to meet that demand either through an investment partnership or sale. We believe that this project, with floorplans carefully designed with multiple spaces for the flexibility to work at home, will be particularly appealing to today’s professional buyer.”
“We think historically low interest rates and increased demand for close-in suburban housing will generate tremendous interest as work patterns have changed due to Covid-19,” commented Benjamin.
The location of this site is unparalleled, close to Bethesda Row with direct access to many of the region’s top restaurants, retail shops and entertainment destinations and only a 1-minute walk to the Bethesda Metro Station and a 6-minute walk to the new 1,000,000-square-foot Marriott International Headquarters, which is expected to bring 4,000 employees from its current headquarters to the immediate area.
About Acumen Companies
ACUMEN is one of the region’s fastest-growing real estate development companies, making it to the top 50 of Washington Business Journal’s fastest-growing company list 2 years in a row. ACUMEN creates vibrant and engaging communities through mixed-use multifamily and hotel projects tailored to millennials and Gen Z.
The Acumen team works to generate and engage diverse projects that yield superior, risk-adjusted profits. In conjunction with our superb portfolio, Acumen is passionately committed to enriching the communities we operate in through the advancement of affordable and market rate housing while championing development that preserves existing communities. Our combination of strategic land acquisition, capital investment, management implementation and entrepreneurial vision enables us to turn innovative ideas into reality.
About Newmark Knight Frank
Newmark Knight Frank (“NKF”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, NKF’s 18,800 professionals operate from approximately 500 offices on six continents. NKF’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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