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GlobeSt.com UPDATE: $117M Multifamily Sale Spurs Condo Conversion

NORTH BETHESDA, MD-Three months after coming under contract, the Pavilion Apartments sells in a $117-million deal. The new owner plans to spend about $34 million to convert the 432-unit rental property into a condominium development.

By Barbra Murray | Updated on November 14, 2005

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

NORTH BETHESDA, MD-The $117-million sale of the Pavilion Apartments has closed, three months after the property came under contract. Triton Pavilion LLC acquired the 432-unit rental complex from Home Properties, which bought Pavilion six years ago for $25.3 million.

With renovations, Home Properties spent an aggregate $53.8 million on the purchase. The new owner plans to make changes of its own and will spend about $34 million to convert Pavilion to a condominium development with 4,500 sf retail space. The transformation process will conclude with the changing of the residential high-rise’s name to Monterey.

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