Development wrapped up on the first phase of the Strathmore Square multifamily project in North Bethesda, Maryland, a development backed by funding from tech giant Amazon.
The successful completion of the first step in the project’s development that required the team to navigate a challenging and changing financial markets earned the project a 2025 CoStar Impact Award for multifamily development of the year, as judged by real estate professionals familiar with the market.
The phase contains two residential buildings, Ravel and Royale, that were completed last year and are more than 40% leased, according to the project team.
Spearheaded by Fivesquares Development and AIMCO, the mixed-use, multi-phase project near the Grosvenor-Strathmore Metro station is transforming surface parking lots into imaginative places that integrate culture, sustainability and connectivity.
The project was financed with a $94 million construction loan and a $70 million equity investment. Of that $70 million investment, $24 million came from Amazon's Housing Equity Fund, a $3.6 billion initiative to create and preserve affordable housing in Amazon's corporate markets, including the Puget Sound region of Washington state; the Washington, D.C., area; and Nashville, Tennessee.
More than 20% of the residential units in the first two phases have been designated as affordable housing, the project team said, but what really sets this development apart is the partnership with Strathmore and the arts.
Strathmore Square positions itself as a wellness-driven community with amenities, including a fitness center, dry sauna, pool, rooftop lounge and grilling area with views of Rock Creek Park. The development team said it is working to serve a diverse population and has plans for a 20-story independent senior living tower to be called The Reserve.
About the project: Fivesquares secured a 98-year ground lease on 15 acres of Metro-owned land for the project. A ceremonial groundbreaking took place in 2022.
What the judges said: “Thoughtful design, sustainable living, cultural vibrancy serving as a great model for transit-oriented development,” said Gary Helminski, an executive managing director at Cushman & Wakefield.
They made it happen: Fivesquares Development’s Ron Kaplan and Andy Altman worked on the project. Aimco also served as the co-developer.
TenBerke, led by Deborah Berke, and Torti Gallas and Partners worked on the project. Hargreaves Jones provided landscape services, and Mahan Rykiel handled urban design and planning. Whiting-Turner served as the contractor. Washington Metropolitan Area Transit Authority owns the project. Strathmore, the nonprofit multi-disciplinary arts center and presenting organization, also was involved.
Senior market manager Nina Thilert contributed.
This article was updated on March 30 to clarify that AIMCO was a co-developer along with Fivesquares.