Foulger-Pratt to Acquire DC Multifamily Portfolio from AvalonBay for $450M
The Foulger Pratt Cos. and two partners are acquiring nearly 1,250 units across four Washington, D.C. multifamily properties from AvalonBay Communities Inc.
Foulger Pratt, alongside investors PCCP LLC and Tryline Capital, purchased three of the properties last week for $411 million from Arlington’s AvalonBay with the aid of three Capital One loans totaling $289 million, reported the Washington Business Journal.
The properties include Avalon Gallery Place, a 203-unit multifamily complex built in 2003 at 740-770 Fifth St. NW. It sold for $85.9 million. In addition, Avalon First and M, 469 units located at 1160 First St. NE in NoMa, was built in 2012 and sold for $181.1 million. AVA NoMa, a 438-unit property built in 2018 at 55 M St. N, sold for $142.4 million. And a deal to acquire the 138-unit Ava H Street at 318 Eye St. NE is slated to close for $36 million.
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