The $36 million sale of the 954-unit Parkside Apartments on Rockville Pike in North Bethesda went to settlement yesterday, the new owners, investor Myer Feldman and developers Scott and Gary Nordheimer, announced. They plan to convert the complex to condominium ownership in a joint venture with Cadillac Fairview of Toronto.
Gary Nordheimer said that 110 of the 954 Parkside apartments will be preserved as rental units for three years for tenants over 65 or handicapped.Other tenants will be given first chance to purchase their apartments at prices ranging from $54 to $58 a square foot, he said.
That means that the price for the smallest one-bedroom apartment will be about $34,000 and the price for the luxury three-bedroom will be about $86,000. The price is expected to be in the range of $45,000 to $105,000 -- or $70 to $75 a square foot -- when about 450 units are offered to the public, starting in September.
The tenants had tried to purchase the complex on their own but were unable to do so, a spokesman said. In the end they made a deal with the converter that gave them most of what they wanted, the tenant added.
At the nearby Promenade apartments, American Invsco has won another round in its bid to convert the complex into a cooperative. This week Judge William Cave of the Montgomery County District Court ruled that a co-op moratorium, imposed by the county after Invsco's intentions were announced, was unconstitutional.
The developer of the 1,072-unit, $54 million complex still faces another legal challenge from tenants opposed to the conversion. That case is expected to be heard next week.