Overview

Foulger-Pratt and Tryline Capital have completed the acquisition of the 346-unit Belgard multifamily property in the NoMa neighborhood of Washington, D.C. The Belgard was developed in 2018 through a joint venture between Wood Partners and CBRE Investment Management. The investment group purchased the Belgard for $107.75 million, or approximately $311,000 per unit. This represents a relatively low price per unit compared to the typical multifamily sales in the D.C. region, which averaged $352,000 per unit in the first half of 2023. Foulger-Pratt noted that the acquisition price was substantially lower than the cost to build a similar property from scratch, which they estimated to be close to double the Belgard’s purchase price. The buyers secured a Fannie Mae loan through Capital One Bank at a 5.72% interest rate to finance the acquisition. The Belgard’s ground-floor retail is fully leased, and the residential portion of the property is leased at a high occupancy rate. This acquisition represents a strategic investment in a well-appointed, amenity-rich multifamily property located in the rapidly evolving NoMa neighborhood, which has become a popular destination for young professionals in Washington, D.C.