**Foulger-Pratt Acquires Nearly 1,250 Multifamily Units in Washington, D.C. from AvalonBay for $450M**
Foulger-Pratt, along with investment partners PCCP LLC and Tryline Capital, has completed the acquisition of nearly 1,250 multifamily units across four properties in Washington, D.C. The portfolio was purchased from Arlington-based AvalonBay Communities Inc. for a total of $450 million.
Three of the properties were acquired last week for $411 million, with financing provided by three Capital One loans totaling $289 million, according to information from the D.C. Recorder of Deeds and Joe Clauser, CFO of Foulger-Pratt.
The properties involved in the transaction are:
– **Avalon Gallery Place**: A 203-unit multifamily complex located at 740-770 Fifth St. NW, built in 2003. It sold for $85.9 million.
– **Avalon First and M**: Comprising 469 units at 1160 First St. NE in the NoMa neighborhood, this property was built in 2012 and sold for $181.1 million.
– **AVA NoMa**: A 438-unit development completed in 2018 at 55 M St. NE. The complex sold for $142.4 million.
– **AVA H Street**: A 138-unit property located at 318 Eye St. NE. The acquisition of this final property is expected to close soon for $36 million.
This strategic acquisition further strengthens Foulger-Pratt’s presence in the D.C. multifamily market, adding a significant number of units to its growing portfolio.
