Foulger Pratt, Partners Acquire D.C. Apartment Building for $108M
By Nick Trombola August 19, 2024 1:13 pm
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A pre-pandemic era multifamily building in Washington, D.C.’s NoMa neighborhood has a trio of new owners.
Maryland-based developer Foulger Pratt, along with New York-based Tryline Capital and a third undisclosed institutional investor, have together acquired The Belgard, a 364-unit apartment property for $107.8 million. The trio also landed a Fannie Mae loan via Capital One (COF) at 5.7 percent interest to finance the deal, per Bisnow.
Atlanta-based developer Wood Partners and CBRE Investment Management sold the property at 33 N Street NW, per Bisnow, which first reported the news. The property was developed in 2018.
Interest rate uncertainty, and the fact that the building falls under D.C.’s Tenant Opportunity to Purchase Act — which gives tenants the right to make first offer on a building if the landlord decides to sell — meant that the partnership was able to acquire the property for a “rock bottom” price, Foulger Pratt Managing Director Joe Clauser told Bisnow
Representatives for Foulger Pratt did not immediately respond to a request for further comment. Representatives for Wood Partners and CBRE Investment Management declined to comment.
NoMa, an acronym for “North of Massachusetts Avenue,” is one of the District’s fastest-growing neighborhoods, with new apartment properties popping up frequently in an area once dominated by industrial buildings.
For one example, a 115-unit affordable property at 301 Florida Avenue NE by The NRP Group and Marshall Heights Community Development Organization, styled in the vein of New York City’s Flatiron building, recently secured funding.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
