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Washington DC  + DC Metro  + Apartments  |  July 1, 2021
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By: David Cohen

Foulger-Pratt to Develop 343-Unit Apartment Community in Bethesda

Developer Foulger-Pratt has announced plans to build The Rae at Westlake, a five-story, 343-unit apartment community in Bethesda.

Located at 10401 Motor City Drive, the property is adjacent to Westfield Montgomery Mall and will include 299 market-rate and 44 affordable housing units. Amenities will include a dog run and pet spa, 24-hour fitness center, bocce courts, pedestrian leisure trail, two courtyards with pool and grilling, co-working space and community event space. The adjacent Westfield Montgomery Mall has 750,000 square feet of retail with over 40 dining destinations, theaters and a bowling alley. Initial occupancy is expected in the third quarter of 2023.

The developer secured $42.7 million in financing for the project through 440 individual investors on crowdfunding investment platform CrowdStreet as well as a $76.8 million construction loan from Wells Fargo.

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About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.
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