Amalfi Capital teams up with Foulger Pratt on Navy Yard Wharf Multifamily project in Washington, D.C.
A Class-A, seven-story, 197-unit, luxury apartment community, located in the Navy Yard / Ballpark neighborhood.
1. Highly Desirable Neighborhood: – The Southwest/Navy Yard submarket has been one of the fastest-growing submarkets in the country over the last twenty years, expanding its multifamily inventory by over 4.0x in that period. Navy Yard typically commands the highest rents in DC. The Project is ideally situated on a leafy stretch of I “Eye” Street SW that borders DC’s Lansburgh Park, a recently-refurbished 4.5-acre public park that features pavilions, a dog park, basketball courts, a community garden, and a new playground.
2. Proximity to DC’s Most Desirable Amenities: – Immediate access to downtown DC amenities has fueled the explosion in popularity of the neighborhood. Nationals Stadium and Audi Field play home to major league sports teams, while M Street, Navy Yard and the Wharf are rich with some of the most popular bars, breweries, restaurants, and entertainment in DC. The Wharf is expected to deliver its second phase of projects totaling 1.15 million SF in 2022. A newly built Whole Foods
is located a short walk from the project (0.3 miles).
3. Value Proposition – High Quality, yet More Affordable than Competition: – Foulger-Pratt aims to deliver a high-quality Class-A project at an attractive cost basis that will provide its residents an affordable alternative to many other new projects in the area. Foulger-Pratt aims to deliver a high quality, efficiently designed community that provides an affordable alternative to new projects in the submarket ($200 per unit cheaper than comparable properties) at a favorable development cost basis ($365,000 per unit) to cater to convenience-oriented professionals seeking the “work
and play” lifestyle.
4. Convenience & Accessibility: – The Project is less than a 10-minute walk (0.5 mi) from both the Waterfront and Navy Yard Ballpark metro stations servicing the green line. The Waterfront metro station is just one stop from L’Enfant Plaza, providing access to the orange, silver, blue, and yellow lines. In addition, the project has immediate highway access, with I-395, I-695, and I-295 all in proximity via South Capitol Street one block east. The Wharf also provides a convenient water taxi to Georgetown in DC, National Harbor in Maryland, and Old Town Alexandria, Virginia. With over 17.7mm SF of office within a 1-mile radius, the site is walking distance to numerous employers including several Federal Agency Headquarters.
5. Premier Sponsorship: – 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, multi-family residential, and retail projects. From acquisition to development, construction to asset management, the company’s fully integrated teams create value at all stages of an investment’s lifecycle.
“To be able to partner with an extremely seasoned and vertically integrated sponsor who has a long history of property development and management in the Washington, D.C. market is a privilege and one which we are extremely excited to be involved with. This project will bring a development that will offer many amenities and look to be the standout residence in the local community.” said Mike Schnurr, m.p. of Amalfi.
Amalfi Capital is a real estate equity firm founded in 2015 that is an investor in over 1 million square feet of property with a gross value over $125 million throughout the United States. Amalfi focuses on expanding its portfolio by acquiring or being a passive limited partner in residential, commercial, & industrial assets that it believes are well positioned for above market returns over the long run. Amalficapital.biz – AmalfiCapitalinfo@gmail.com