For Immediate Release – Boca Raton, FL March 15, 2023
Conversion of a vacant office building into a trophy, Class A+, 243-unit multifamily high rise one block from the White House.
- One-of-a-kind trophy asset: 1425 New York Avenue will be the closest multifamily building to the White House upon completion, with top-of-market amenities and rooftop views of notable landmarks. Located in the heart of Washington D.C.’s most expensive neighborhood and boasting a Walk Score of 98 and a Transit Score of 100, the Property’s location is perfectly positioned for residents to take advantage of all that the D.C. metro has to offer.
- Foulger-Pratt – Deep market expertise and extensive track-record: Foulger-Pratt is a D.C.-based firm with roughly 60 years of experience having developed more than 15 million SF of multifamily, office and retail assets valued over $5 billion. Since its founding in 1960, Foulger-Pratt has been developing complex office, retail, build-for-rent, and multifamily projects in the D.C. area. FP calls D.C. home and it is the market they know best, allowing the firm to both effectively underwrite projects and deliver them with timely and seamless execution. FP’s long history in the market has allowed the firm’s leadership and development team to grow relationships with important partners across the market.
- Premium supply-constrained location: Washington D.C. is one of the most resilient regions in the nation with remarkable economic stability and reliably strong market fundamentals bolstered by a highly skilled workforce, one of the highest median incomes in the nation, and robust population growth. The D.C. metro also boasts one of the most diverse job markets in the United States and is booming in key emerging sectors such as Data Centers, Bio & Life Sciences, Tech, and Cybersecurity. Well-positioned to capitalize on a market that has lacked new supply for almost a decade and has a limited construction pipeline. The Property’s location next to McPherson Square (3-minute walk) and Metro Center (3-minute walk) Metrorail stations, provides commuters access to the Red, Blue, Silver and Orange lines. This connectivity allows for residents to easily travel to the rest of the D.C. metro such as Dupont Circle, Union Market, the RosslynBallston Corridor, Bethesda and much more.
- De-risked shovel-ready development: Development risks are mitigated as the building permit has been approved and construction is slated to begin this spring. Acquired in 2021, project design and building plans have already been completed, with interior demolition of the existing office improvements already underway.
- Capitalizing on a key trend – Office to Multifamily conversion: Recognizing a sea-change in the demand for commercial space use in the post-COVID landscape, the Sponsor is repurposing a uniquely-located asset to address the market opportunity.
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Amalfi Capital is a real estate equity firm founded in 2015 that is an investor in over 5 million square feet of property throughout the United States. Amalfi focuses on expanding its portfolio by partnering with highly experienced sponsors who are experts in their respective markets by investing in commercial & industrial assets that we believe are well positioned for above market returns over the long run. www.Amalficapital.biz – amalficapitalinfo@gmail.com