WASHINGTON, DC - Foulger-Pratt based in Potomac, Md., will develop a 197-unit apartment community at 60 Eye Street, S.W., in Washington, D.C. The seven-story building will be constructed on land leased long-term from the Bethel Pentecostal Tabernacle Assembly of God church. As part of deal, Foulger-Pratt will construct an approximately 17,000 square foot sanctuary for the church on the ground floor of the apartment building.
The transit-oriented development will be a half-mile from both the Navy Yard-Ballpark and Waterfront Metro stations in Southwest Washington, and immediately accessible to I-395, I-695 and I-295. The property abuts Lansburgh Park, a public park that contains picnic pavilions, basketball courts, a playground, dog park and community garden.
Given the lower cost basis of the project, the intent is to provide affordable luxury units targeting a demographic mix of professionals and couples with young kids who want to be close to neighborhood amenities. The average unit size in the building will be 672 square feet.
Southwest/Navy Yard has been one of the fastest growing submarkets in the U.S. over the past 20 years, expanding its multifamily inventory by over four times. It’s a former light-industrial area that began its transformation with the return of professional baseball to Washington, D.C. at Nationals Park, and continues to be built out with some of the most popular bars, breweries, restaurants and entertainment in D.C.
Washington, D.C. is among CrowdStreet’s “Best Places to Invest in 2021,” a national ranking of top markets. CrowdStreet ranks metro Washington as a top 10 market for multifamily development. Approximately, 456 individual investors on CrowdStreet provided equity for this project.
Construction will begin in October, with initial occupancy in the fall of 2023.
The project is capitalized with $28.8 million of sponsor and investor equity, including $15.8 million from CrowdStreet investors. Additionally, there is a $43.2 million construction loan from EagleBank. The total development value is $72 million (excluding land).
Cameron Pratt, Managing Partner & CEO of Foulger-Pratt, commented: “The D.C. metro area is experiencing record absorption of Class A apartments. We are seeing the demand first-hand at a nearby project in Southwest Washington. We are extremely bullish on the D.C. multifamily market in the short and long term.”
“This was our second project on the CrowdStreet platform. We’re pleased with the reception by retail investors and the speed and ease of the process, and look forward to a long-term relationship with investors and the team at CrowdStreet.”
David Govshtein, Managing Director of CrowdStreet, added: “By CrowdStreet’s investment thesis, the Washington, D.C. metro area ranks highly overall and as a top market for multifamily development. This submarket in particular has been one of the fastest growing in the country and the fastest in D.C. Investors on CrowdStreet responded very favorably to this project, which funded quickly by investors on our platform.”
About Foulger-Pratt: Established in 1963, Foulger-Pratt is a real estate investment and development firm distinguished by its long-term focus and extensive experience executing successful mixed-use, transit-oriented projects. The firm’s disciplined culture and vertically integrated platform have enabled it to develop more than 15 million square feet of commercial office, multifamily residential and retail projects. From acquisition to development and construction to asset management, the company’s fully integrated teams create value at all stages of an investment’s lifecycle. For more information, visit www.foulgerpratt.com
About CrowdStreet: CrowdStreet operates an award-winning online real estate investment marketplace that gives investors access to private equity real estate. By combining real estate investment education with an advanced online marketplace that offers the ease and convenience of online investing, CrowdStreet gives individual investors direct access to the most diverse range of institutional-quality investment opportunities. To date, thousands of investors have invested over $2 billion in more than 500 projects, receiving more than $220 million in distributions. CrowdStreet is helping to create a community where individual accredited investors and experienced commercial real estate firms can work together to expand participation in real estate investing. For more information, visit www.crowdstreet.com