The Middlebrook Apartments at 5015 Battery Lane have officially changed hands, according to Maryland real estate records. Those records indicate the property was sold on September 15, 2023 for $22,250,000, a massive increase in value over its 2015 purchase for $1,000,000. The seller was I Warehouses, Inc., and the buyer was 5015 Battery Lane, LLC, located at 7315 Wisconsin Avenue, Suite 400, in downtown Bethesda. The 1962 building was appraised at $16,591,600 only 10 months ago.
how was this building only sold for $1 million 8 years ago? Were there renovations? Was there a sweatheart deal? you can't even afford a house in this area for $1m
ReplyDelete@11:51 -- good points!
ReplyDeleteRobert, With the "soft" development cap under the 2017 Downtown Bethesda sector plan already exceeded, are you aware of any plans for the building? Hopefully not another tear-down that would displace a lot of residents.
Thanks.
Well, the year before it was sold for $1M it was sold for $0, so clearly those were just title transfers among related entities and not market-rate sales. It all appears to stem from the 2014-15 reorganization of Alvin Brown's assets.
ReplyDeletehttps://www.brown-development.com/who-we-are
I am too lazy to look this up but I want to know what do they pay transfer taxes on? Wouldn't it be the market value of the asset as opposed to the "sale" price of $1M or $0.
ReplyDeleteIs the same strategy involved as with Brown/Aldon's junk bond type sell-off of their old 8200 Wisconsin Ave where they had/have their main offices??
ReplyDelete