AIR Communities Acquires The Elm Multifamily Property For $220M In Bethesda

AIR Communities has acquired The Elm, a multifamily property located at 4710 Elm Street in Bethesda, MD. The property consists of 456 units with an average price per unit of $482,456. The total square footage of the property is 7,500, with an average price per square foot of $29,333. The sale price for The Elm was $220 million.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $220,000,000
• Units: 456
• Price Per Unit: $482,456
• Total Square Footage: 7,500
• Price Per Square Foot: $29,333
• Address: 4710 Elm Street, Bethesda, MD
• Market: Bethesda, MD

Terry Considine, representing AIR Communities, purchased The Elm from Oliver Carr of Carr Properties. This acquisition marks an important investment for AIR Communities, further expanding their presence in the multifamily market. The deal was finalized on 09/05/2023, solidifying the partnership between Terry Considine and Oliver Carr in this real estate transaction.