Potomac, Maryland-based developer Foulger-Pratt is planning to develop a 197-unit, seven-story apartment community in Washington, D.C.’s Navy Yard/Wharf neighborhood, located near the Nationals baseball stadium.
The $72 million project will be built on land leased long term from the Bethel Pentecostal Tabernacle Assembly of God Church. As part of the development deal, Foulger-Pratt will construct a new 17,000-square-foot sanctuary for the church on the ground floor of the building.
The project’s funding included a campaign on CrowdStreet, in which 456 individual investors contributed a total of $16 million. The site lists Washington, D.C., among its Best Places to Invest in 2021, and metro Washington among its top 10 markets for multifamily development.
According to the developer, the project’s lower cost basis will allow for the development of affordable luxury units targeting professionals and couples with young children. Units are expected to average 672 square feet in size.
“The D.C. metro area is experiencing record absorption of Class A apartments. We are seeing the demand firsthand at a nearby project in Southwest Washington. We are extremely bullish on the D.C. multifamily market in the short and long term,” says Cameron Pratt, managing partner and CEO of Foulger-Pratt. “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.”
The development will be located a half-mile from both the Navy Yard-Ballpark and the Waterfront Metro stations, and offer access to the I-395, I-695, and I-295 highways. It is located next to Lansburgh Park, a public park that offers picnic pavilions, basketball courts, a community garden, a playground, and a dog park.
Construction will begin in October, and initial occupancy is expected in fall 2023.