(To read more on the multifamily market, click here.)

BETHESDA, MD-Fox Hill, a senior condominium complex, will be developed on a 16-acre wooded parcel in Bethesda now that McLean, VA's Sunrise Senior Living Inc. has signed an agreement with the New York office of HSH Nordbank AG to co-fund the endeavor.

Sunrise will serve as the manager of the 240-unit property under a long-term contract. Sunrise did not return calls regarding development costs for Fox Hill.

Scheduled to deliver in early 2008, the campus will also feature a 200-seat performing arts center, a fitness facility and a spa. "Today's seniors are active and engaged individuals who seek a variety of lifestyle options," says Sunrise chairman and CEO Paul Klaassen. "It is apparent the DC metropolitan market was looking for this type of luxury community.

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