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Monday, October 16, 2023
Middlebrook Apartments sold in Bethesda
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.
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5 comments:
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
@11:51 -- good points!
Robert, 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.
https://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.
Is 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??
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