Bethesda apartment building purchased, rebranded by Denver-based firm

Griffis Residential, a Denver-based owner and operator of apartment complexes across America, has acquired one of the newest apartment buildings in downtown Bethesda. Maizon Bethesda at 4900 Moorland Lane and Arlington Road is now called Griffis Edgemoor. The new owner says it acquired the building at a "discount," and using a 10-year, fixed-rate, interest-only loan as financing. Griffis did not announce the price it purchased the property at, and the transaction has not yet been recorded in Maryland real estate records as of this morning.

“This acquisition aligns with [our] strategy to generate durable cash flow by investing in multifamily assets with enduring value,” Griffis Residential Senior Vice-President of Investments Jim DiRienzo said in a statement. “Our focus is on acquiring properties in strong, improving locations that present an estimated discount to replacement cost and offer substantial management upside.”