PROGRAM: 386-unit midrise rental community with adjacent structured parking CAPITAL COST: $54 Million CONSTRUCTED: 2001 - 2003 PROJECT: AVALON AT ROCK SPRING LOCATION: North Bethesda, Maryland DEVELOPER: AvalonBay Communities SUMMARY Avalon at Rock Spring was structured as a highly complex ground lease and joint venture transaction with the landowners, who have held the property in family ownership for multiple generations. The site is in the Rock Spring business park, the premier corporate office park in suburban Maryland, with tenants such as Marriott, Lockheed Martin and NIH. Later phases of the project include highrise apartments and condominiums, office and retail space, and the first Canyon Ranch facility in the Washington region. Avalon at Rock Spring is the only wood frame residential construction within the Rock Spring development, affording it lasting competitive advantages in cost and design.