PROGRAM: 497-unit rental community including wood-frame midrise buildings with both above-grade and underground structured parking CAPITAL COST: $87 Million CONSTRUCTED: 2002 - 2004 AVALON AT GROSVENOR STATION LOCATION: North Bethesda, Maryland DEVELOPER: AvalonBay Communities SUMMARY This transit oriented development is located immediately adjacent to the Grosvenor station on Metro's red line just outside the Capital Beltway. The project was structured as a complex transaction with the landowner contributing the property to a downREIT and retaining a participation interest in the project. The product includes a series of continuous courtyard buildings which have direct connections on multiple levels to the adjacent five-story parking structure, allowing residents to park on their living level. The community also features a larger midrise building with underground parking, which was completed with a higher finish level and its own amenities to create a boutique product line which commands premium rents. This property was one of the first WMATA joint development sites.