A 552-unit North Bethesda apartment tower has a new landlord after a nine-figure handoff. Orlo has acquired The Grand Residences, a 552-unit apartment complex at 5801 Nicholson Lane in North Bethesda, for $180 million. The purchase, which closed on Tuesday, shifts day-to-day oversight to Laurel-based Orlo. The company says it will treat the property as a long-term investment while working with housing officials on affordability measures.
Deal details
As reported by Bisnow, Brookfield, through a Brookfield-linked entity, sold the building to Orlo Grand LLC for $180,000,000, with county records showing the transfer. The seller entity is listed as Wisconsin Park Associates LP and the buyer as Orlo Grand LLC, according to the report. The property sits about a third of a mile from the North Bethesda Metro stop, putting the new owner in striking distance of transit riders and Red Line commuters.
Manager takes over operations
Orlo announced that it has taken over management of The…..