In 2016, a large apartment complex in Bethesda, Maryland, called Flats 8300, made history. It sold for $207 million, becoming the most expensive sale of an apartment building in the state at that time. This building, with 359 units, was known for its high price tag. However, eight years later, in 2024, the building sold again—but this time, it was for much less money.

Record-Breaking Sale in Bethesda, Maryland

AIR Communities, a real estate company based in Denver, bought the Flats 8300 building in late April for $129.8 million. This sale was recorded in Montgomery County property records, showing a large decrease in value since the original sale. In a LinkedIn post, AIR’s Chief Investment Officer, Josh Minix, expressed excitement about the location and future potential of the building, even though it sold for less this time around.

Bethesda Building History and Amenities

Stonebridge, a local real estate company, and Walton Street Capital, a Chicago-based firm, developed the building at 8300 Wisconsin Avenue as a joint project. Interestingly, they sold the building to Invesco just one month after it opened. Flats 8300 isn’t just an apartment building—it also has a 50,000-square-foot Harris Teeter grocery store and a Starbucks coffee shop. Residents enjoy various amenities, such as rooftop pools, a business center, a pet spa, and coworking spaces for professionals.

AIR’s Growing Portfolio

AIR Communities has been busy buying properties in Bethesda. Last year, the company purchased another large building in the area, called The Elm, for $220 million. AIR now owns 76 different rental communities in 10 states, including properties in the suburbs of Maryland and Virginia, as well as Washington, D.C. This makes it one of the major real estate players in the region.

Blackstone’s Big Move

In a separate but related move, Blackstone, a major investment firm, announced plans to buy all remaining shares of AIR Communities for approximately $10 billion. Blackstone plans to take the company private after the purchase. Nadeem Meghji, Blackstone’s global real estate leader, stated that AIR Communities has the highest-quality apartment portfolio that the company has ever acquired, with properties in strong markets.

Neither AIR nor Invesco provided further comments about the sale of Flats 8300 in Bethesda when asked for more information.