Acquired in 2022, The Magnolia is a 21-storey multi-family apartment building located in North Bethesda, Maryland.

We have recently completed an extensive building renovation that includes investing in upgrades to modernize common areas and improving apartment interiors.

In line with our long-term commitment to sustainability and supply chain diversity, we implemented methods to significantly reduce the building’s carbon footprint and ensure that minority and women-owned businesses are fairly represented in projects relating to the property.  

In 2023, a successful negotiation with Montgomery County led to a mutually beneficial outcome that designates 35 affordable homes for the Bethesda region; 28 of the homes at the property are now allocated to individuals earning 60% of the area’s median income (AMI), and a further seven homes are offered to those earning 50% of the AMI.  

The property is uniquely situated at the confluence of the I-395, I-270 and Rockville Pike, and is a 0.25-mile walk from the Grosvenor-Strathmore Red Line Metro Station. Ample green space and access to nearby walking and biking trails creates a serene urban retreat for residents. 

Sustainability Impact:

• We have increased the building's energy efficiencies to align with our Net Zero 2030 carbon commitment
• Sustainable additions include adding Electric Vehicle charging stations, upgrading to LED lighting, and installing low-flow water fixtures
• A supply chain diversity program will ensure fair representation of businesses involved in property-related activities