Foulger-Pratt Acquires Washington, DC-Area Community for $63M
- Feb 26, 2020
Foulger-Pratt has acquired a 235-unit residential property northeast of Washington, D.C., from Monument Realty for $62.7 million. Completed in 2016, Monument Village at College Park is located at 9122 Baltimore Ave., along Route 1 and within 2 miles of The University of Maryland, College Park.
JLL represented the seller via a Capital Markets team that included Walter Coker, Brian Crivella and Robert Jenkins. In addition to residential units averaging 894 square feet, the property offers 12,000 square feet of amenity space and 2,800 square feet of retail. Amenities include a swimming pool, fitness center, clubroom with catering kitchen, movie theater, conference room, pet spa and dog run.
Monument Village at College Park is situated less than 10 miles northeast of the nation’s capital and around 2 miles from the Discovery District research park, which is home to various major employers. The community is nearly 93 percent occupied, according to Yardi Matrix.
JLL marketed the property on behalf of Monument Realty. Real estate investment and development firm Foulger-Pratt purchased the asset free and clear of existing debt, adding to a portfolio that includes 21 other properties in the state of Maryland.
Foulger-Pratt in 2018 broke ground on Beckert’s Park, a 325-unit luxury residential property in Washington, D.C.’s Capitol Hill neighborhood. In August of last year, the company secured a $92.7 million refinancing package for the Woodbridge Station apartment community in Woodbridge, Va.