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

Plans for the building include 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 will implement 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 will increase the building's energy efficiencies and 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