Developer of 7770 Norfolk in Downtown Bethesda Sells Complex to New Owner
Los Angeles-based company bought 17-story building in August
7770 Norfolk, a 17-floor apartment complex in downtown Bethesda, has changed ownership in recent months.
The JBG Cos., the building’s developer and original owner, sold the Woodmont Triangle property to CIM Group, according to a JBG spokeswoman. The building at the corner of Norfolk and Fairmont avenues has 244 units, and JBG for several months in 2015 marketed them as condos. The Chevy Chase-based developer ultimately decided to rent the units as apartments after failing to sell enough of them.
John Ravas, property manager for complex, said CIM Group, of Los Angeles, had always been a minority owner of 7770 Norfolk and bought out JBG’s share in August.
Residents won’t see significant changes from the ownership transfer, he said, adding that CIM will have similar lease lengths and keep rents in line with the Bethesda market.