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.”

Maizon Bethesda apartments marketing to those with a downward gaze (Photos)

Things are looking down at the Maizon Bethesda apartments at 4900 Moorland Lane along Arlington Road. Ground-level, in fact. That's where you'll find the latest marketing campaign from the property. Stickers with a QR code and a pawprint have been applied to the brick-paver sidewalk outside the building.

The pawprint claims the building is "pet approved," but it's not clear what the sample size of animals surveyed was, nor is the method by which they communicated their approval. It was a year ago last month that the building opened. The only thing lower at the Maizon than the new sidewalk stickers are those below-ground units that are accessed from the sidewalk on Arlington Road.

Sign installed at Maizon Bethesda apartments (Photos)

Construction is winding down at the Maizon Bethesda apartments at 4900 Moorland Lane in downtown Bethesda. The latest final addition is a lighted sign with the name and logo of the building, outside the lobby entrance. It was installed Friday, and is now lit up. This follows the unveiling of two public art installations at the new development along Arlington Road.

Maizon Bethesda spreading Saturday Night Fever with disco tree art installation (Photos)

Sidewalks are opening up at the new Maizon Bethesda apartments at 4900 Moorland Lane in downtown Bethesda. We're getting our first peek at the lobby, unit interiors, and a new public art installation at the building along Arlington Road. Already dubbed the "disco tree" by some residents, the Zachary Oxman sculpture looks like a tree, but with a mirrorball surface instead of bark. 

Tree sculpture by Zachary Oxman

Perhaps it is a witty commentary on Montgomery County's laughable and failed tree preservation policy, and the ongoing deforestation of downtown Bethesda. A second public art piece along Arlington Road, an abstract sculpture, is more conventional.

"Synergy III," by sculptor Jeff Chyatte

Landscaping has been added, as well as some small wooden chairs. I'm curious if these ground-level units' exterior entrances are "poor doors," like The Lauren has for its required affordable units, where the hoi polloi enter from the street rather than use the lobby and elevators of the hoity toity. Having said that, the interiors of those units look great, if lacking the chef's kitchen island we've come to expect these days. Maizon Bethesda is now leasing, and offering six free weeks on two-bedroom units.

Bethesda construction update: Maizon Bethesda apartments (Photos)

Construction of the interior of the units at the Maizon Bethesda seems to have taken forever, but more appliances are being installed in completed apartments. Washers and dryers have now appeared in units visible from street level. The lobby entrance is also taking shape. Located at 4900 Moorland Lane, along Arlington Road, the building is scheduled to begin leasing this summer.

Track and ceiling lighting fixtures
in a unit at the Maizon

A stacked washer-dryer unit
awaits installation

Bethesda construction update: Maizon Bethesda apartments (Photos)

Here's the latest look at the Maizon Bethesda apartments at 4900 Moorland Lane, along Arlington Road, in downtown Bethesda. They expect to begin leasing this spring.